Statoil Reviews Snorre Recovery Project on Norway Tax Increase
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Statoil ASA, Norway’s biggest energy company, may delay an investment decision on its Snorre project, highlighting how reduced spending is hurting marginal ventures such as increased-recovery efforts.
Statoil last year said it planned to build a new drilling and processing platform at the Snorre field in the North Sea to extract an extra 300 million barrels of oil and extend output until about 2040. The Stavanger-based company is now seeking cheaper options, citing an unexpected tax increase in Norway last year, said Chief Financial Officer Torgrim Reitan.