Cost to develop giant Johan Sverdrup field in Norway moves lower

6 Sep 2017   Norway

Norwegian energy company Statoil said the coast to develop the first half of its mega Johan Sverdrup oil field went down by about 5 percent. Johan Sverdrup is one of Norway’s five largest offshore oil fields, and contains an estimated 3 billion barrels of oil. Phase 1 of the field’s development is currently underway, with the first deliveries expected to begin in late 2019. Statoil said improvements in delivery and execution for the first phase of development led to a 5.1 percent reduction in investment costs to around $11 billion. “We are seeing high quality in project planning and execution across the entire project, and the project continues to benefit from good drilling and well efficiency, which together has enabled us to further reduce […]

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