Global oil price level stops StatoilHydro projects

Mar 06, 2009 01:00 AM

The global market price on oil has dropped more than $ 100 over the last nine months. That might now force StatoilHydro to stall 40 planned projects.
StatoilHydro believes the current price level on oil will last for a long period. That forces the company to adjust development plans.

The costs are too high compared to the income, the company argues. Therefore, the Norwegian energy company is reviewing 40 of its planned projects on the Norwegian continental shelf.
Oystein Michelsen in StatoilHydro calls on the entire Norwegian petroleum industry to cut costs in order to cope in the period of low prices.

He believes consequences will be grave for many companies unless the situation changes.
"It is especially new projects which will be difficult to make profitable," he says.

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