Statoil Plans $16B Oil Hub in Europe’s Northern Tip

Reuters reported that Arctic oil production pioneer, Statoil, will spend as much as $16.3 billion for the construction of a new oil hub in the northern tip of Europe.

As quoted in the market news:

Statoil, a pioneer in Arctic oil and gas production will bring its huge Skrugard and Havis finds in the Barents Sea into production by the end of 2018 and plans an onshore terminal that will cope with more crude once work in the area takes off.

Click here to read the full Reuters report.