Statoil on US offshore wind entry: "We have paid a high price"

The oil giant new to the green field maintains the belief that it will make a profitable business out of its record expensive offshore wind project in New York State.

Photo: Mark Lennihan

After a historically long bidding war over the right to erect wind turbines off the coast of New York City, Statoil emerged victorious just before Christmas. However, when it was revealed that the oil giant would pay a record-high price for the privilege, the company was granted an entire hour to rethink.

The culmination of the two-day, 33-round auction was that Statoil's green business arm will pay the US state USD 42 million for the lease in New York State, a record-high price. So high, in fact, that it corresponds to just under three times the total amount paid for offshore wind turbine rights in the country since 2013.

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