- Statoil (STO) says it is postponing key decisions on development of its Johan Castberg and Snorre 2040 projects off Norway, citing the need for extra time to find more cost-effective solutions for the two major oil projects.
- Statoil is delaying the concept selection for the Arctic Johan Castberg project by more than a year to H2 2016, while a similar decision on extending the lifetime of the Snorre 2040 field is delayed into 2017.
- Analysts say Castberg, with up to 650M boe, could cost more than $70/bbl to develop while the Snorre expansion could cost more than $80/bbl.
- STO +0.4% premarket.