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Equinor has informed the Minister of Oil and Energy, Tina Bru, that the pandemic is the biggest challenge for the Castberg project.
Oil and Energy Minister Tina Bru has answered Castberg’s questions from SV’s Lars Haltbrekken.
Bjørge, Stein
Published:,
While the Norwegian Petroleum Safety Authority stated on Wednesday that the Equinor and Johan Castberg project will be investigated to find out how extensive welding errors could occur and why the data error in DNV Gl’s Sesam Stofat program was not discovered. Earlier, Equinoir informed the Minister of Oil and Energy, Tina Bru, that the pandemic is the biggest challenge for the Castberg project.
After SV’s Lars Haltbrekken asked Tina Bru several questions about the Castberg project, Tina Bru came up with an answer on Thursday.
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– More was expected
– She would have expected a more thorough monitoring of the project finances, but she says there has been contact between Equinor and the ministry. She will follow up on this case, says Haltbrekken.
Haltbrekken had asked the Minister of Oil and Energy, Tina Bru Equinor informed him of Castberg’s problems, and whether there was a risk of loss for Equinor and whether there was a risk of uncertainty related to the profitability of the Castberg project.
In Tina Bru’s answer, Bru refers to the fact that Equinor mainly blames the Covid-19 pandemic for the negative development in the Castberg project, but that welding errors and errors in DNV GL’s computer program are factors. subordinates.
“Based on the great attention paid to the Castberg project, Equinor has informed the Ministry of Oil and Energy, which is the owner, about the challenges with the progress of the project due to Covid-19, and about the challenges with the quality of the welding and software program. Equinor claims that it is a pandemic and the strict infection control measures in the shipyards which is the biggest challenge facing the development project, “writes Tina Bru in response to Lars Haltbrekken from SV.
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– Equinor blames the virus. I suspect the problems are due to things other than the virus, but now they are using it for what it’s worth, says Haltbrekken, adding:
Bru says there will be a round of this in the state budget, but the Storting must get a review of this matter. Both in terms of safety, but we also have to give a return to the profitability of the project. There is no doubt that profitability is weakened by the mistakes that have been made and the improvements to come.
– Now the question is to see how great the profitability is compared to what was promised when the Storting considered the case in 2018.
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– The welfare state is at risk
At the time, the balance sheet price was $ 31 a barrel for the Johan Castberg development. Today, the price of oil is just over $ 43 a barrel. It’s unclear what the outlook for Castberg’s profitability will be when the project overruns are announced in the government’s proposal for the state budget for 2021 in early October.
– We fear that the state will keep the bill, as in the development of Goliath. This shows once again that we must do something about the tax rules for oil companies, so that it is not the Norwegian welfare state that takes the risk, says Haltbrekken.
