Bloomberg Tax
May 7, 2020, 7:52 AM

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

Mikael Holter
Mikael Holter
Bloomberg News

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%

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Mikael Holter in Oslo at

To contact the editors responsible for this story:
Tasneem Hanfi Brögger at

Stephen Treloar

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