Oslo: Statoil has delayed two major offshore projects, Johan Castberg and Snorre, by more than a year.
Concept selection for the Johan Castberg project has been put back to the second half of 2016, while the decision on extending the lifetime of Snorre 2040 field will now be made in 2017.
“Current challenges in relation to costs and oil prices require us to spend more time to ensure that we extract the full benefit of the implemented measures,” said Ivar Aasheim, Statoil’s senior vice president for field development on the NCS.
Snorre is one of the fields with the largest remaining oil resources on the Norwegian continental shelf. Reserves in the Snorre field are currently estimated at 1.63 billion barrels of oil.