Statoil will invest up to 55 billion in Sverdrup

headquartersStatoil headquarters.Photo: Norway Today Media

Statoil expects to invest 40-55 billion in the Johan Sverdrup oil field, according to the company’s ‘Plan for Phase 2’. It is a halving of the plan for Phase 1, said Statoil in a statement on Tuesday morning.

Meanwhile, it is known that the three companies were awarded development contracts. Aker Solutions will supply a process platform, Kvaerner is to oversee the steel jacket, and Siemens will supply power from on-shore.

‘Quality in the implementation of Phase 1, and improvement work we have carried out together with our partners and vendors on phase 2, has boosted profitability.

Zero price for the entire field development is now under 25 dollars a barrel, and there is an ambition for a recovery in the world class at 70 %, said Kjetel Digre, project director for Johan Sverdrup.

There is planned drilling of 28 new wells in connection with Phase 2 development. The Phase 2 concept also includes the establishment of a zone solution for power from shore for Utsira High in 2022, said Statoil.

The start of production of phase 2 is planned for 2022.


Source: NTB scanpix / Norway Today