Statoil Delays Barents Sea Oilfield Project After Tax Boost
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Statoil ASA delayed an investment decision on the Johan Castberg oilfield in the Barents Sea after the government unexpectedly last month announced it would raise taxes on oil and gas producers.
The tax increase reduces the attractiveness of marginal fields and those that need infrastructure, Oeystein Michelsen, Statoil’s head of development and production in Norway, said today in a statement. “This has made it necessary to review the Johan Castberg project.”