Statoil set to drop plan power plan for Johan Sverdrup, citing rising costs

|By:, SA News Editor

Statoil (STO) will pull the plug on its ambitious plan to power the giant Johan Sverdrup field off Norway via an ultra-high capacity subsea cable from shore, blaming spiraling costs, Upstream reports.

STO's retreat on the prestigious electrification project likely will upset environmentalists and some in Norway's parliament.

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