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Statoil will invest 60 billion in Johan Castberg Project

Equinor headquartersEquinor headquarters.Photo. Norway Today Media

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The development of Johan Castberg oil feild will help 23,000 FTEs and cost 50-60 billion NOK, according to field operator Statoil.  Johan Castberg is in the Barents Sea, and has previously been considered to be very expensive:

– Through our improvement, we have created new opportunities for the Johan Castberg field in the north.

We’ve changed the concept and thought again about solutions to realize the project. We are still vulnerable to increased costs and sustained low oil prices, says Margareth Øvrum vice president for Technology, Projects and Drilling in Statoil.

The EIA is now out for consultation, before a final development plan is to be delivered on schedule during 2017. The Johan Castberg project is the largest field yet to be developed on the Norwegian shelf.

 

Source: NTB scanpix / Norway Today

 

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