EnergyWatch

New oil fields sent billion-krone bill to Norwegian state

The Covid-19 crisis and a weak Norwegian currency rate led to budget overruns of NOK 17 billion in connection with Equinor's new oil fields, according to Norwegian media outlet E24.

Photo: Finn Frandsen/Ritzau Scanpix

Last year, Norway's state-owned oil company Equinor cost the state NOK 17 billion (USD 2 billion) in added expenses, as projects related to the company's establishment of new oil fields proved more costly than anticipated.

A weak exchange rate of the Norwegian krone and difficult working conditions for the oil industry during the Covid-19 pandemic set off the steep budget overruns related to investments in new fields.

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