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Equinor to Delay Projects If Norway Doesn’t Improve Tax Proposal

May 7, 2020, 7:52 AM

Equinor will be forced to delay oil, gas and electrification projects in Norway if the government doesn’t improve its tax-deferral proposal, CEO Eldar Saetre says in a webcast press conference after the company’s 1Q report.

  • Examples of projects that would need to be delayed are Wisting, Krafla, Peon and electrification of Hammerfest LNG plant
    • NOTE: April 30, Norway Oil Lobby Says Government Tax Measures Aren’t Good Enough
  • Equinor expects production startup on its Martin Linge, Njord, Bauge and Peregrino 2 projects, planned this year, to be delayed to 2021 because of challenges related to coronavirus
  • Equinor can’t rule out layoffs or job cuts
  • CEO says gas market is likely to rebalance faster than oil market
  • EARLIER: Equinor Abandons Production Target as Profit Plunges 63%

To contact the reporter on this story:
Mikael Holter in Oslo at mholter2@bloomberg.net

To contact the editors responsible for this story:
Tasneem Hanfi Brögger at tbrogger@bloomberg.net

Stephen Treloar

© 2020 Bloomberg L.P. All rights reserved. Used with permission.

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