Statoil said Wednesday that two of its projects have blown their budgets and will be delayed, unwelcome news when the Norwegian firm is trying to make deep cuts to bring costs down to cope with the lower oil prices. Investment in the Mariner scheme, offshore the UK, has increased 10% from the original $7 billion budget. The project, one of the largest on the UK Continental Shelf, has also seen its start-up date pushed back a year to 2018 (IOD Dec.22'14).
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