Giant budget violations on the Norwegian shelf

The development of the oil fields Yme, Skarv, and Valhall on the Norwegian shelf account for a vast majority of the budget violations totaling around USD 8.5 billion

BY OLE ANDERSEN

Published: 30.10.13 at 15:26

Three expansion projects on the Norwegian shelf have cost USD 7.1 billion more than expected, according to a survey performed by Norwegien Oljedirektoratet and covering projects that are or should have been in production, and which constitute investments of more than USD 1.7 billion each.

According to Norwegian newspaper Dagens Næringsliv, 24 projects, approved between 2007 and 2012, have resulted in total budget violations of USD 8.3 billion, compared to figures previously presented by the companies in their plans related to expansions and operations.

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