Statoil recommends Johan Castberg project delay

06/10/2013
Statoil, citing resource and political uncertainties with the Johan Castberg oil development it operates in the Barents Sea offshore Norway, has recommended that the partners delay the investment decision. Statoil has continued to mature the project's resource base and development plans, but the company said uncertainties remain that are related to the resource estimate and investment level. Oystein Michelsen, Statoil's executive vice-president for development and production in Norway, said, "In addition, the Norwegian government has recently proposed reduced uplift in the petroleum tax system, which reduces the attractiveness of future projects, particularly marginal fields and fiel...
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