Norway, where oil helped create one of the world’s most stable and prosperous societies, is among the most exposed to falling crude prices. Three projects led by state-owned Statoil ASA (STL), which is borrowing and selling assets to cover dividend payments, are at risk of being delayed or shelved, said Jarand Rystad, managing partner of Oslo-based consultant Rystad Energy. “Norway is probably more vulnerable to a fall in oil prices because costs are undeniably higher,” said Teodor Sveen Nilsen at Swedbank AB. In August, Helge Lund, Statoil’s chief executive officer, remarked that while $100-a-barrel oil once provided an excuse for champagne, it now barely covered the expense of new projects.
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Oil Workers Earning $179,000 Expose Norway to Crude Crash