Norway Postpones Decision on Arctic Oil Terminal

Friday, December 14, 2018

The Norwegian government has postponed a decision on whether to mandate the construction of an oil processing terminal near the Arctic tip of northern Europe until the third quarter of next year, it said on Friday.

If built, the onshore Veidnes terminal would receive crude via a pipeline from Equinor's offshore Johan Castberg oilfield, which is expected to start producing in late 2022.

Equinor originally ditched plans for an onshore terminal in order to save costs, preferring instead to load oil on to crude tankers at the field before exporting it to global markets.

Parliament earlier this year urged the government to secure the construction of an onshore terminal, however, as it would generate significant investment and jobs in the remote region.

The energy ministry said on Friday further studies were needed into the project, which is supported by labor unions.

Environmentalists, however, oppose both the oilfield and the proposed terminal.


(Reporting by Terje Solsvik; Editing by Mark Potter)

Categories: Tankers Energy Arctic Operations Pipelines FPSO Arctic Oil Floating Production Government Regulations

Related Stories

EIA: US Crude, Gasoline Inventories Rise

Norway's O&G Production Beats Expectations

BP's Whiting IA Refinery Restart Delayed

Current News

Danos Leaders Recognized in “40 Under 40” Lists

ExxonMobil to Drill for Gas Off Cyprus in January

Mocean Energy Raising Funds to Advance Wave Energy Tech

Seadrill’s Drillships Getting Ready to Start Work Off Brazil

Subscribe for OE Digital E‑News