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2010-11 Membership Guide
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Membership News
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The State of American Business 2010
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News
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| Statoil Sees Higher Drilling Cost After US Spill |
Norwegian oil and gas group Statoil said on Friday it expected higher drilling costs on the Norwegian continental shelf with tighter regulation following BP's oil spill in the Gulf of Mexico.
''If there is (tighter) regulation, it will push costs up,'' Statoil Chief Executive Helge Lund told Reuters following a meeting with authorities. He said the risk level was already seen as satisfactory, with 2,000 exploration wells having been drilled during the last decade without major incidents. ''But I expect (...) that authorities and industry will take measures,'' Lund said.
Norway said last week that it will not open new deepwater areas for drilling until an investigation sheds light on BP's well blowout and large oil spill in the Gulf of Mexico. Statoil is the largest oil and gas producer on the Norwegian continental shelf. It is in the process of shutting down drilling on two deepwater wells in the Gulf of Mexico following a six-month drilling ban.
Energy Minister Terje Riis-Johansen told Reuters the accident would impact drilling regulations offshore Norway, but added that safety on the Norwegian shelf was seen as good. ''We will use all the knowledge and experience from what happened,'' Riis-Johansen said.
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Date posted: 14th of June 2010
Source: Reuters
News Category: Energy
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© 2010 American Chamber of Commerce in Norway. All rights reserved.
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