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.

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 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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This 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.