Norwegian energy company Equinor said Tuesday its Johan Castberg field could be profitable so long as the price of oil is about $35 per barrel. The Norwegian Parliament approved the company’s plans for the development of the Barents Sea field on Monday and it awaits formal approval from the Norwegian Ministry of Petroleum and Energy. Oil was first discovered at Johan Castberg in 2011. Its future was in doubt when the price of crude oil collapsed and Equinor was envisioning a break-even cost above $80 per barrel. New solutions since then have improved the economics for a field with a recoverable reserve estimate of between 450 million and 650 million barrels of oil equivalent. “Today the project is profitable at an […]