Johan Sverdrup-project becomes another NOK five billion cheaper for Statoil

Statoil Trade UnionStatoil logo.Photo: Norway Today Media

The quality of project deliverables, and-implementation, will allow Johan Sverdrup-partners to reduce investment costs by an additional 5 billion kroner.

 

‘This means that Statoil, and partners’, investment costs in the first phase of the development of the field have been reduced to 92 billion kroner’, the company wrote in a press release on Monday.

Development was at the half way point during the summer, and at the beginning of September is 60% complete, according to Statoil. It is both ahead of schedule, and well within its budget.

‘We’ve made further savings due to high efficiency drilling, and boring. This has enabled us to reduce our estimated budget for the first phase,’ said the Chief Executive of Statoil, Eldar Sætre.

Since development, and operation of the Johan Sverdrup-oil field were approved by the Norwegian authorities, planned investments for the first fixed period have been reduced by more than 30 billion kroner.

The field is one of the five biggest on the Norwegian continental shelf, and is believed to contain resources of between 2 and 3 billion barrels of oil. The first phase is scheduled to begin from late 2019, with a production capacity estimated at 440,000 barrels of oil per day.

 

© NTB Scanpix / Norway Today

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