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Statoil May Shelve $6.7b Snorre Project Due to Costs: Upstream
2014-08-22 08:12:01.542 GMT
By Mikael Holter
Aug. 22 (Bloomberg) -- While Snorre partners disagree on
economic viability of redevelopment project, operator Statoil
has no alternative to new tension-leg platform, Upstream
reports, without saying where it got info.
* Justifying investment is “challenging”; 2013 tax increase
has weakened Snorre 2040 project economics, Upstream says,
citing unidentified Statoil spokesman
* State-owned Petoro hopes added reserves, concept
optimization can still make project profitable, spokesman
Sveinung Sletten says in Upstream report
* NOTE: Norway Vigilant on Delays as Oil Producers Set to
Slash Spending, see June 16 story: NSN N79AAK6JTSED <GO>
* NOTE: Statoil Snorre Recovery Project Hesitation Criticised
by NPD, see April 3 story: NSN N3GM4C6K50XT <GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Mikael Holter in Oslo at +47-22-00-8209 or
mholter2@bloomberg.net
To contact the editor responsible for this story:
Will Kennedy at +44-20-7073-3603 or
wkennedy3@bloomberg.net
2014-08-22 08:12:01.542 GMT
By Mikael Holter
Aug. 22 (Bloomberg) -- While Snorre partners disagree on
economic viability of redevelopment project, operator Statoil
has no alternative to new tension-leg platform, Upstream
reports, without saying where it got info.
* Justifying investment is “challenging”; 2013 tax increase
has weakened Snorre 2040 project economics, Upstream says,
citing unidentified Statoil spokesman
* State-owned Petoro hopes added reserves, concept
optimization can still make project profitable, spokesman
Sveinung Sletten says in Upstream report
* NOTE: Norway Vigilant on Delays as Oil Producers Set to
Slash Spending, see June 16 story: NSN N79AAK6JTSED <GO>
* NOTE: Statoil Snorre Recovery Project Hesitation Criticised
by NPD, see April 3 story: NSN N3GM4C6K50XT <GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Mikael Holter in Oslo at +47-22-00-8209 or
mholter2@bloomberg.net
To contact the editor responsible for this story:
Will Kennedy at +44-20-7073-3603 or
wkennedy3@bloomberg.net