Statoil Signs Johan Sverdrup Agreement

Statoil and partners, including Det Norske oljeselskap, have signed a "pre-unit agreement" concerning the Johan Sverdrup discovery in the North Sea.

According to the agreement the owners of production licenses 265 and 501 will cooperate in the planning of the Johan Sverdrup field towards an investment decision and submission of the Plan for Development and Operation (PDO). Statoil is appointed the working operator.
 
The work will form the basis for developing and establishing the best field solution for Johan Sverdrup. An agreement for the development and operational phase will be signed between the licensees ahead of the submission of the PDO to Norway's Ministry of Petroleum and Energy.
 
The development of the Johan Sverdrup field is one of the main undertakings on the Norwegian continental shelf (NCS) in the years ahead, and a high-priority project for all partners in the licenses. Drawing on the experience and knowledge of the combined partnership will be important.  
 
Johan Sverdrup will be a new processing and transportation hub on a level with the other offshore giants – a new stand-alone development consisting of several installations.
 
Johan Sverdrup will contribute significantly to future production, added value and activity in the oil and gas industry and the supply industry. The discoveries in the two licenses demonstrate the importance of skills, determination and perseverance in the exploration for new recoverable resources on the NCS, also in mature areas.
 
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