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Equinor reports higher costs for 2 projects in Norwegian North Sea

Costs for the Martin Linge project and the Njord Future project on the Norwegian Continental Shelf have increased by more than 20%, according to an Oct. 7 news release from project operator Equinor ASA.

Citing Norway's state budget released Oct. 7 and a report from the country's Ministry of Petroleum and Energy, Equinor said the costs for the Martin Linge project have grown by 7.9 billion Norwegian kroner, with the company expecting the project to start up in the third quarter of 2020. Equinor previously said it expected to start up in the first quarter of 2020.

Costs for the Njord Future project rose by around 4.5 billion kroner owning to a need for more extensive replacements on the Njord A platform and the Njord Bravo storage ship.

The government provided status updates for 13 Equinor-operated projects. Four projects, including Martin Linge and Njord Future, saw higher costs while eight projects noted lower costs. The cost of one unnamed project remains unchanged.

As of Oct. 4, US$1 was equivalent to 9.10 Norwegian kroner.