Eni writes down the value of the Goliat field

Goliat-fieldGoliat-field.Photo: Jan-Morten Bjørnbakk / NTB scanpix

The oil company Eni Norway will write down the value of the northernmost offshore oil fields, Goliat, by 6.6 billion kroner.

– The main reason is the low price of oil. We expect to earn less from the field than we have previously assumed, and because of this we have written down the value,  communications manager Andreas Wulff in Eni Norway says to the newspaper Sysla.
The Goliat field has  caused problems for the Italian company for a long time. When the platform was put into production in the Barents Sea in March this year, it was two years behind the original schedule.
Delays at the shipyard in South Korea, cost increasing by 50 percent and criticism from the PSA are some of the challenges it has faced along the way.
The project have made its imprint on Eni Norge’s accounts for 2015 and Wulff recognizes that value adjustment partly reflects the problems they have had so far.
Goliat is the first development in the Barents Sea, which makes it the northernmost offshore oilfield. Eni holds a 65 percent interest in the production license, Statoil owns 35 percent.

Source: NTB scanpix / Norway Today

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