Statoil Focuses on Subsea to Cut Snorre Costs by $1.9 Billion
Statoil Focuses on Subsea to Cut Snorre Costs by $1.9 Billion #BjarneBakken #StatoilASA #Statoil’svicepresident
Statoil ASA abandoned the idea of building a new platform to boost oil recovery at the North Sea Snorre field, focusing instead on a subsea solution that has cut the investment estimate by as much as 40 percent on a project closely watched by Norwegian authorities.
Investments are now seen 30 percent to 40 percent below a 2013 estimate of 40 billion kroner ($4.7 billion), Bjarne Bakken, Statoil’s…