Costs For Equinor’s Arctic Oil Project Jump By $1.2 Billion  ...Middle East

The project costs for Equinor’s Johan Castberg oil project in the Arctic waters of the Barents Sea have increased by nearly 13 billion Norwegian crowns, or by $1.2 billion, since last year, the Norwegian energy major said on Tuesday. The project was approved back in 2018, at much lower costs, but they have risen in recent years. “Costs are increasing due to a larger than expected scope of work and cost increases in the industry,” Geir Tungesvik, Equinor’s executive vice president for Projects, Drilling & Procurement,…

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