Statoil Says to Cut Cost of Castberg Field by Another NOK 4B

Reuters

HAMMERFEST, Norway, April 20 (Reuters) - Norwegian oil major Statoil plans to cut the estimated cost of developing its Arctic Johan Castberg oilfield by another 4 billion Norwegian crowns ($491.53 million), project director Erik Strand Tellefsen told an energy conference on Wednesday.

In January Statoil announced it had cut the cost of developing Castberg to between 50-60 billion Norwegian crowns from an initial estimate of around 100 billion.

"Our ambition is to cut by a further four billion," Strand Tellefsen said.

Norway's state-owned Petoro and Italy's ENI are partners in the field.

(Reporting by Stine Jacobsen, writing by Terje Solsvik, editing by Ole Petter Skonnord)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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