Statoil halts Barents Sea field expansion

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Arab News

Wednesday 3 October 2012

Last Update 3 October 2012 5:15 pm

OSLO: Norwegian oil company Statoil said yesterday it and its partners total and GDF Suez have decided to drop plans to expand the Snohvit natural gas field in the Barents Sea as unjustified given current discoveries. The partners "concluded that the current gas discoveries do not provide a sufficient basis for further capacity expansion," said a Statoil statement.

"With new gas discoveries increased capacity may again be considered," it added.

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