Last week the price per barrel oil dropped below 40 USD, which is the lowest price in four years. With such prices the enormous expenses connected with developing an oil field are too large compared to the incomes after completion.
One of the projects which now could be postponed, is the Goilat-project. The size of the field is moderate. With 25 billion NOK in expenses on developing the field and only 60 billion NOK in total income with today’s oil prices, the surplus could be insufficient for the oil company to do the investment, according to Norwegian newspaper Dagens Næringsliv. However, ENI is still working on the project according to their established development plan.
Sub contractors for the oil and gas industry in Norway are the first companies which will suffer from development decline on the Norwegian continental shelf, and many sub contractors are dependent on the completion of the Goliat project.
