Arctic Oil Dreams Get $7 Billion Norway Lifeline Amid Slump

Statoil goes ahead with Johan Castberg project after costs cut
Lundin says `fantastic news' strengthens faith in own finds

The discovery has faced numerous delays as the cost of developing infrastructure in the frontier region weighed on operators struggling with rising expenses and a collapse in oil prices. — The discovery has faced numerous delays as the cost of developing infrastructure in the frontier region weighed on operators struggling with rising expenses and a collapse in oil prices.
Photographer: Kristian Helgesen/Bloomberg

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By Mikael Holter

January 19, 2016 at 3:12 PM UTC

Updated on

January 20, 2016 at 11:06 AM UTC

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Norway’s Arctic ambitions just got a $7 billion boost from Statoil ASA.

QuickTake Arctic Opportunity