Economics
Statoil Greenlights Key $6 Billion Norway Arctic Oil Project
- Approval comes after investments were cut by more than half
- Industry counting on project to strengthen case for Arctic oil
Norway’s crude output has dropped by half since 2000, and successive governments have pushed the Barents to make up for the decline of North Sea fields.
Source: StatoilThis article is for subscribers only.
Statoil ASA gave the final go-ahead to a flagship Arctic oil project after slashing costs by half.
While expected, the move by Norway’s biggest oil company is a boost to a region seen as key to arresting a decline in the country’s production.