Statoil awards contract for the turret mooring system of Johan Castberg
Statoil delivered plans for development and operation (PDO) for Johan Castberg to Norwegian authorities earlier this week. All contracts are subject to final approval of the PDO.
The investment costs for Johan Castberg will be approximately 49 billion. Expected recoverable resources are estimated at 450-650 million barrels of oil equivalents. This makes the Johan Castberg project the largest offshore oil and gas project in the world that is being sanctioned in 2017. The planned start-up of the field is 2022.
The partnership in Johan Castberg consists of Statoil (Operator 50%), Eni (30%) and Petoro (20%).
Facts about Johan Castberg
- The field is being expanded with a production vessel and extensive subsea construction, with a total of 30 wells spread over 10 base frames and two satellite structures.
- The development costs for Johan Castberg are estimated at approximately NOK 49 billion. National employment under development is estimated at almost 47,000 full-time equivalents, and just under 1800 of these will be in Northern Norway.
- The Johan Castberg project will constitute a significant part of the investment level on the NCS 2018-2022.
- Statoil, together with the other operators of oil deposits in the Barents Sea, is investigating the possibilities for finding a profitable oil terminal solution at Veidnes.
December 5, 2017
Submitting plan for development and production, and awarding Johan Castberg contracts
Statoil today submits the PDO for the Johan Castberg project on behalf of the partnership with Eni and Petoro.
October 27, 2017
How we cut the break-even price from USD 100 to USD 27 per barrel
How did the Norwegian oil industry manage to cut costs so far that the break-even price fell to USD 27?
December 5, 2017
The Johan Castberg (formerly Skrugard) field is situated approximately 100 kilometres north of the Snøhvit-field in the Barents Sea.