Statoil mulls delay for Snorre recovery project on tax hike

OSLO, Norway (Bloomberg) -- Statoil ASA may delay an investment decision on its Snorre increased-recovery project as it seeks cheaper options after the government unexpectedly increased taxes. The Stavanger-based company last year said it planned to build a new drilling and processing platform at the North Sea’s Snorre field to extract an extra 300 MMbbl of oil and extend output until about 2040.