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18

StatoilHydro Oil Field Upgrade Costs More than Expected

Norwegian energy group StatoilHydro confirmed a newspaper report on Tuesday

Norwegian energy group StatoilHydro confirmed a newspaper report on Tuesday that it has encountered cost overruns with a revamp of its Statfjord oil and gas field in the North Sea.

"I confirm there are cost overruns," said spokesman Gisle Johansen. "We have not given details about the amount, but the additional costs are related primarily to production drilling and topside modification," he added.

Newspaper Dagens Naeringsliv reported that StatoilHydro may be "billions of crowns" over budget at Statfjord, whose revamp is due to cost 16 billion Norwegian crowns.