Statoil's biggest budget transgression to date

19 years after discovering gas off the coast of Ireland, production can finally begin - but the protracted affair is the biggest cost overrun in the Norwegian company's history.

Photo: North Atlantic Drilling

When things are going slowly at home, it can be nice to occasionally get out of the house. But Statoil has not had a leisurely stay in Ireland, where the Norwegian oil company has lost approximately EUR 843 million in the country, reports Irish newspaper Independent. Last year alone the company's impairments in Ireland totaled EUR 244 million.

The major cause of the loss was the Corrib gas field, which was discovered 19 years ago off the coast of County Mayo. Although it is run by the Dutch-British giant Shell, Statoil holds a 36.5 percent ownership interest. 

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk Tankers CEO sees no reason to merge tanker carriers

It has long been discussed, and the chief executive of a competitor points to Maersk Tankers as a driver in the tanker sector's consolidation race. However, Maersk Tankers CEO Christian M. Ingerslev does not see much sense in combining balance sheets, he tells ShippingWatch.

Further reading

Related articles

Latest news

See all jobs