Operations at one of the largest fields on the Norwegian continental shelf will create economic ripples, though market vulnerabilities remain, Statoil said. Norwegian energy company Statoil said the development of the Johan Castberg field will have a profound impact on the nation’s economy, though success will be mixed. “We have created new opportunities for the Johan Castberg field in the far north,” Margareth Ovrum, a project vice president for Statoil, said in a statement. “But we are still vulnerable to increasing costs and a continued low oil price.” Statoil, which serves as the operator of the reserve area, said it estimated the proven reserves at Johan Castberg at between 400 million and 600 million barrels of oil. Two […]