Statoil has commenced work on a plan to construct a terminal onshore Norway to handle oil transported from Johan Castberg oil block, which lies in Arctic, and other fields that are yet to be developed.
Italy-based energy firm Eni and Norway’s state-owned Petoro are also stakeholders in the Johan Castberg block.
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The country’s Minister of Petroleum and Energy Terje Soeviknes told Reuters that a report on this plan is expected next year.
Statoil chief executive Eldar Saetre told the news agency: “We are working together with several other licence holders and operators to see if there is a basis for building a terminal.
“We want to make it work, but we need more resources than Castberg for it to be realistic.”
An onshore terminal will help the firm to cut down shipping costs as larger tankers could transport the oil.
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By GlobalDataThis proposal, however, depends on whether oil is secured from other developments, including Lundin’s Alta/Gohta and OMV’s Wisting discoveries.
Lundin and OMV are yet to make a decision on developing these new finds.
