Statoil Goes Ahead with Arctic Field After Halving Of Costs
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)
WHAT DO YOU THINK?
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.
- Big Oil Reuses Platforms in Latest Cost-Cutting Trick (Nov 15)
- Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)
- Shell, Equinor Commit to Tanzania LNG as They Await Host Accord (Oct 16)