Statoil Could Postpone Investment Decision On Snorre Project

Norway’s Statoil may delay an investment decision on its Snorre project, in the aftermath of the tax hike last year and in relation to the clear need to reduce costs. The biggest energy company in the Scandinavian country will revise the project and it is likely to postpone the decision, which was expected in the first quarter of 2015.

"We have to revisit the project, look at concepts and make a new evaluation," Chief Financial Officer Torgrim Reitan told reporters on the margins of an oil conference.

The official explained that it was too early to say whether it was possible to follow the previous plans. 

The partners in the Snorre licence are Statoil (33.27556%), Petoro (30.0%), ExxonMobil E&P Norway (17.44596%), Idemitsu Petroleum Norge (9.6%), RWE Dea Norge (8.57108%) and Core Energy (1.1074%).

Earlier this year, the company confirmed its recommendation to build a new platform on the field to maximize the extraction and processing of the remaining reserves.