Norway’s Arctic Oil Ambitions Threatened by Slump in Oil
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Norway’s push to exploit Arctic waters for oil, already denounced by environmentalists, is now under threat from the slump in crude prices.
The Arctic Barents Sea off northern Norway is reckoned to contain 40 percent of the country’s undiscovered resources and seen as key to extending oil output as aging North Sea fields decline. But operating there is expensive, and even before the recent plunge in prices, state-controlled Statoil ASA’s key project in the area had been delayed twice.