Carl Surran, SA
News Editor
- Statoil (NYSE:STO) says its Johan Castberg oil discovery in the Arctic Barents Sea can be developed profitably even after Brent crude prices have tumbled more than $35 to below $80/bbl from a June high.
- Developing Castberg with an FPSO unit remains the cheapest option, according to a STO exec, who adds that nearby finds by Lundin Petroleum (OTCPK:LNDNF) have raised the possibility that a combined development including a new onshore oil terminal at North Cape can be commercially viable.
- Norway's Barents Sea, estimated to hold 40% of Norway’s
undiscovered resources and seen as key to halt a long decline in the
country’s crude production, lacks infrastructure including terminals and
pipelines.
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