Statoil postpones Åsgard project

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Norwegian state oil company Statoil confirmed Thursday that it was postponing its Åsgard project, which involves placing a gas compressor on the seafloor instead of on the surface. The goal is to obtain greater and faster extraction.

Newspaper Stavanger Aftenblad reported that operations were supposed to begin during the first half of the year but now won’t start until the third quarter.

“This is completely new technology that’s being put into operation for the first time,” said Statoil spokesman Morten Eek. “We are comfortable that it is taking longer time than first expected.”

Eek said Statoil would “use the time we need” to secure that the installation will be “carried out in the best possible manner.” The postponement comes as Norway’s oil and gas industry otherwise faces other delays or indefinite curtailment of offshore projects that suddenly aren’t profitable because of lower oil prices. staff