Statoil Axes Plan For Link To $4B Norwegian Sea Pipeline

Law360, New York (January 9, 2014, 2:35 PM EST) -- Citing increased costs, Statoil SA nixed plans Thursday to lay nearly 19 miles of gas pipeline linking a deepwater field to the 25 billion kroner ($4 billion) Polarled pipeline, which will stretch across 300 miles of the Norwegian Sea.

The Kristin gas export project, named for Statoil’s Kristin gas and condensate field, was approved in 2012 alongside plans for the Polarled, according to a statement. The Kristin portion of the project would have cost roughly 2 billion kronor, or $324 million, according to a Bloomberg report....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.