Statoil Says May Delay Investment Decision at Snorre Field

Source: Reuters 3/20/2014, Location: Europe

Norway's Statoil may delay an investment decision on increasing recovery of oil and gas at major North Sea field Snorre as it seeks to bring costs down after a tax hike last year, a senior company executive said.

Statoil and partners planned to install a new platform at the field that would enable to extract an extra 240 million barrels of oil.

The choice of platform was supposed to be decided in the first quarter of next year, followed by an investment decision at a later time.

"We have to revisit the project, look at concepts and make a new evaluation," Chief Financial Officer Torgrim Reitan told reporters on the margins of an oil conference.

The executive said "it was too early to say" whether an investment decision could be taken in 2015.

Statoil has already put on hold the development of its $15.5 billion Johan Castberg oilfield in the Arctic due to higher costs in the oil sector and higher taxes.

The partners in the Snorre field include Statoil, ExxonMobil , Idemitsu, Total, Core Energy, RWE Dea and Norwegian state-owned firm Petoro.


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