Norway's Storting to debate Åsgard cost

Norway's parliament, the Storting, has been presented with a white paper detailing the problems state firm Statoil AS ran into with its Åsgard fields development. The Ministry of Petroleum and Energy recently ousted the board of Statoil (see related story, p. 31), after it was revealed that the current Åsgard development would exceed its budget of 28.5 billion kroner ($3.67 billion) by 17 billion kroner ($2.19 billion). While Statoil has admitted for some time that the Åsgard project had fallen foul of "over-optimistic" budget estimates, a ministry official told OGJ that, despite the latest revision of costs estimates, "We can't yet guarantee the fi...

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