NEWS

The tax increase reduces the attractiveness of marginal fields and those that need infrastructure, Øystein Michelsen, Statoil’s head of development and production in Norway, said in a statement. “This has made it necessary to review the Johan Castberg project.”

Statoil, Norway’s biggest energy company, already warned on May 24 that projects such as Castberg, which consists of the Skrugard and Havis discoveries, would be “more challenging.” The project, located about 240 kilometers (150 miles) off the coast of Hammerfest in northern Norway, needs new infrastructure and was already a challenge, the company said.