Page 60: of Maritime Reporter Magazine (April 1998)

INTERNATIONAL OFFSHORE TECHNOLOGY mmH

Cooling The Fire

The Norwegian economy is hot — too hot, some say. In an attempt to avoid the pitfalls inherent in an overheated omy, the government has decided to take action, including trimming offshore oil and gas projects.

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Norway, which is enjoying one of the best economies in the world, has decided to take unprecedented action in order to maintain a healthy growth for the long term, econ- and avoid some of the economic potholes inherent in an overheated economy.

Specifically, the country's petro- leum and energy minister, Marit

Arnstad, has issued a proposal to delay 12 specific oil and gas pro- jects to dampen offshore activity in

Norway. "There are big dangers that the economy will overheat,"

Arnstad reported to the

Norwegian parliament, adding that the delays would cool the economy. While some may deem the move unusual, it has received the blessings, at least publicly, of

Statoil. Statoil's approval came from executive Vice President Stig

Bergseth after the government made it clear that it wants to post- pone investment in all fields under development from 1998 to 1999.

The Norwegian authorities are reportedly acting because spend- ing estimates for the current year — based on operator plans — total approximately $8.8 billion — an increase of more than $1.7 billion.

Given the heavy pressures on the Norwegian economy at pre- sent, the centrist coalition takes a serious view of this expansion, and the postponement is designed to significantly reduce capital spend- ing both this year and next. Mr.

Bergseth said that Statoil as operator and commercial player has also noted pressure on costs and capacity constraints in the supplies industry. "The proposed delay will give us more time to work on costs and find the best solutions. We'll be reducing invest- ment in projects to a minimum during 1998 while seeking to con- tinue building on the planning and tendering work done so far."

Postponements have been pro- posed by the petroleum ministry for Statoil's Gullfaks satellites phase II, Huldra and Heidrun

North as well as Yme Beta West and Epsilon. In addition comes

Sygna, which straddles Statoil- operated PL 037 and Saga's PL 089 in the North Sea. Negotiations are under way on a unitized develop- ment, and the operatorship will not be clarified until a deal has been struck and the authorities have approved a plan for develop- ment and operation. The min- istry's proposals also affect Saga's

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