Statoil puts the 'Castberg' project on hold

The Norwegian mammoth oil company Statoil postponed its plans regarding the rich oil fields in the Barents Sea. Latest exploration brought back disappointing results so the original plans for the filed had to be delayed.

The field that was studied by Statoil for years is located almost 250 kilometers north of the coastline and specialists estimated the field might contain between 400 and 600 million barrels of oil. Statoil is planning for years to expand its extractions into the Arctic Sea as the oil production from the North Sea is declining. The project called “Johan Castberg” aimed at the Arctic sea is only one of the many Statoil has on its table.

The “Skrugard” field and “Havis” field were discovered a few years ago by Statoil. However, recent exploration revealed these fields might contain less fuel resources than initially estimated. “We have not proven enough resources in Castberg to make the field viable for supporting infrastructure, including a pipeline to shore and an onshore terminal,” was written in an official Statoil statement.