Norway Gives up Seeking Subsidy Approval for Arctic Oil Terminal
Norway has given up seeking permission from European competition authorities to provide state support to energy firm Statoil (STO) to bring oil and gas onshore from its Arctic Johan Castberg find, the country's oil ministry said on Tuesday.
Norway had wanted to offer a package of incentives to Statoil and Italian partner ENI to help set up an onshore processing oil terminal for the field, seen to contain up to 650 million barrels of oil equivalents.
Oil and Energy Minister Tord Lien said he believed the field will be developed, and that he expected Statoil to soon present a plan for how to proceed.
(Reporting by Stine Jacobsen and Terje Solsvik)
