Statoil Delays Projects

Statoil Delays ProjectsStatoil Delays Projects

Norwegian energy firm Statoil postponed two of its biggest offshore developments on Friday as low oil prices spur cost cuts, Reuters reported. Statoil delayed the concept selection for the Arctic Johan Castberg project by more than a year to the second half of 2016 while a similar decision on extending the lifetime of the Snorre field to 2040, was also delayed a year.