Norway Gives Up Seeking Subsidy Approval For Arctic Oil Terminal

Reuters

OSLO, Dec 15 (Reuters) - Norway has given up seeking permission from European competition authorities to provide state support to energy firm Statoil to bring oil and gas onshore from its Arctic Johan Castberg find, the country's oil ministry said on Tuesday.

Norway had wanted to offer a package of incentives to Statoil and Italian partner ENI to help set up an onshore processing oil terminal for the field, seen to contain up to 650 million barrels of oil equivalents.

The decision would have no impact on the development of the field, operator Statoil told Reuters.

"This will not affect the progress in the important work with maturing the Johan Castberg project," a company spokesman Morten Eek said.

He repeated that a concept selection for the development would be taken in the second half of next year, with a possible investment decision in 2017.

Oil and Energy Minister Tord Lien said he believed the field would be developed, and that he expected Statoil to soon present a plan for how to proceed.

Norwegian authorities have said they wanted Statoil to build an onshore terminal to store oil from the field to create jobs locally.

(Reporting by Stine Jacobsen and Terje Solsvik, writing by Gwladys Fouche; editing by Susan Thomas)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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