Analyst: Sverdrup the only safe oil field

Analyst: Sverdrup the only safeDrilling at Johan Sverdrup field. Photo Statoil

Few of the many planned oil fields on the Norwegian continental shelf have been victims of oil crisiis so far, but with the current oil price of $ 40 Johan Sverdrup is the only one worthy of development, according to estimates.
– Johan Sverdrup is the only field that I can safely say  is 100 percent safe,  oil analyst Torbjorn Kjus of DNB Markets said to E24.
Several of the licenses on the other fields were assigned when it was assumed that  oil could be sold for $ 110 a barrel, but with the current oil prices, they are no longer profitable to develop.  On Thursday informed Det Norske oil company that it is shelving the plan to develop the oil field Vette because of unprofitability.
This year and next year, Statoil will submit a plan for the development and operation of the oil fields Trestakk, Grande D and Johan Castberg and Wintershall for Skarfjell. For these fields to be profitable to develop the oil prices have to stabilize at over $ 71 a barrel, according to calculations from Rystad Energy.
The company believes that when Sverdrup has been developed other oil fields will be developed as well, because a significant increase iis expected in the oil prices in the coming years.
Drilling was started on March 1 on the first of a total of 35 production wells on the Johan Sverdrup field. Drilling started exactly at midnight and took place from the drilling rig Deepsea Atlantic.


Source: NTB scanpix / Norway Today