logo
Plus   Neg
Share
Email
Comment

Statoil Announces Submission Of PDO For Johan Castberg Project - Quick Facts

Statoil (STO) announced the company submitted the plan for development and operation for the Johan Castberg project on behalf of the partnership with Eni and Petoro. Capital expenditures for Johan Castberg are estimated at some NOK 49 billion. Recoverable resources are estimated at 450 - 650 million barrels of oil equivalent.

"Today we are delivering a solid PDO for a field with halved capital expenditures and which will be profitable at oil prices of less than $35 per barrel," Margareth Øvrum, Statoil's executive vice president for Technology, Projects and Drilling, said.

Statoil also signed a contract both for the Johan Castberg subsea system, and engineering and procurement management, both with Aker Solutions AS. The contracts have a total value about NOK 4 billion. Statoil said, on behalf of the partners in the Snorre licence, the company is also signing a letter of intent with FMC Kongsberg Subsea AS for the subsea system for Snorre Expansion Project. The letter of intent is worth slightly less than NOK 2 billion.

The Johan Castberg partnership consists of Statoil (operator 50%), Eni (30%) and Petoro (20%). First oil is scheduled for 2022.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amid a government shutdown, the Senate voted Monday to move forward on a short-term spending bill to re-open the government. The Senate voted 81 to 18 in favor of limiting debate on the bill, which would fund the government through February 8th. Opera, a web browser for Windows, macOS, and Linux operating systems, has added cryptocurrency mining protection to its mobile browsers. It is part of the browser's ad blocker function. In its desktop-based versions, Opera had introduced cryptocurrency miner protection in early January. French drug giant Sanofi SA Monday announced an agreement to buy US-based hemophilia drugmaker Bioverativ Inc. (BIVV) for around $11.6 billion. The deal expands Sanofi's presence in specialty care and strengthens leadership in rare diseases. Sanofi shares were losing around 4 percent in the early morning trading in Paris.
comments powered by Disqus
Follow RTT