Norway to probe project costs

MARIUS FISKUM

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Steve Marshall

 15 March 2013 10:08 GMT

Norway’s oil minister has ordered a probe into major Norwegian field projects currently under development to assess cost and other parameters to avoid a repeat of the Yme debacle.

Projects set to come under the microscope are those that have recently been brought on stream, or were due to have started production, and have a budget of over Nkr10 billion ($1.7 billion).

The investigation will cover all fields with development plans that have been approved between 2006 and 2008, according to Petroluem & Energy Minister Ola Borten Moe.

It is almost certainly set to include BP’s Skarv project in the Norwegian Sea, which was brought on stream at the New Year and has had significant cost overruns.

Borten Moe said the purpose of the probe, to be carried out by the…

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