Statoil Goes Ahead with Arctic Field After Halving Of Costs

Reuters

OSLO, Jan 19 (Reuters) – Norwegian oil major Statoil plans to go ahead with its Arctic Johan Castberg oilfield, with a decision on investments in 2017, after having cut costs by half, its chief executive said on Tuesday.

"The investment estimate is almost halved from around 100 billion crowns ($11.29 billion) to between 50 and 60 billion crowns," Chief Executive Eldar Saetre told an industry conference on Tuesday.

The firm and its partners have picked a floating production storage and offloading (FPSO) concept for the field located in the Barents Sea, he added. Possible production start would be 2022.

Partners in the field are Norway's state-owned Petoro and Italy's ENI.

($1 = 8.8544 Norwegian crowns)

(Reporting by Stine Jacobsen, editing by Alister Doyle)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Tax Accountant
Expertise: Accounting
Location: Houston, TX
 
Senior Corporate Accountant (CPA Preferred), E & P Company
Expertise: Accounting
Location: Houston, TX
 
SXL - Supervisor - Terminal Accounting
Expertise: Accounting
Location: Nederland, TX
 
search for more jobs

Brent Crude Oil : $48.61/BBL 0.53%
Light Crude Oil : $48.62/BBL 1.12%
Natural Gas : $1.98/MMBtu 3.41%
Updated in last 24 hours