Eni Delayed at Arctic Goliat Project

Italian gas and oil explorer Eni has said today that its massive Arctic project, the Goliat field, will face delays in coming into production.

The oil and gas field, which is operated by Eni, which holds a 65 per cent stake, was due to come into production at the end of next year.

In a statement released today by Norwegian subsidiary Eni Norge, the company said that complexities in the development of the production facility had caused the deadline for production to be moved to the third quarter of 2014.

The company says the delay will cost it and partner in the project Statoil, which holds a 35 per cent stake, NOK 2.5 billion.

Owing to this and increased investment costs, the company says the overall cost of the project will rise from NOK30.5 billion to NOK36.7 billion.