Stability Crucial to US Investment, Warns Statoil

Statoil has warned U.S. authorities that oil companies need a “stable and predictable” regulatory environment if they are to press ahead with investments in the Gulf of Mexico after the BP oil spill.

The Norwegian group has invested more than $11bn over recent years to become one of the biggest holders of deepwater drilling licenses off the US Gulf coast.

“We understand that, after such a tragic accident, US authorities need time to address the implications and we are prepared for stricter regulations,” said Helge Lund, chief executive. “But it is important that, when they reach their conclusions, they conclude with a stable and predictable framework because these are big investments.”

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Source: Financial Times/Amcham.no