Worried by high costs of operating in the remote Arctic Barents Sea, the Norwegian oil major last year delayed a final investment decision for Castberg, one of the world’s northernmost oil finds.
“The investment estimate is almost halved from around 100 billion crowns ($11.29 billion) to between 50 and 60 billion crowns,” Chief Executive Eldar Saetre told an industry conference on Tuesday.
He said costs for the field, expected to contain up to 650 million barrels of oil equivalents, could fall further.