Statoil Says to Cut Cost of Castberg Field by Another NOK 4B
HAMMERFEST, Norway, April 20 (Reuters) - Norwegian oil major Statoil plans to cut the estimated cost of developing its Arctic Johan Castberg oilfield by another 4 billion Norwegian crowns ($491.53 million), project director Erik Strand Tellefsen told an energy conference on Wednesday.
In January Statoil announced it had cut the cost of developing Castberg to between 50-60 billion Norwegian crowns from an initial estimate of around 100 billion.
"Our ambition is to cut by a further four billion," Strand Tellefsen said.
Norway's state-owned Petoro and Italy's ENI are partners in the field.
(Reporting by Stine Jacobsen, writing by Terje Solsvik, editing by Ole Petter Skonnord)
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)
Company: ENI more info
- Eni Secures Two Deals for Oman Blocks (Jan 14)
- Eni to Operate Alaska Oil Field (Jan 03)
- Eni Spuds Well in Central North Sea (Dec 31)
Company: Petoro more info
- Equinor, Partners to Develop Next Phase of Johan Sverdrup (Aug 27)
- Norway's Parliament Approves Plan for Arctic Oilfield (Jun 11)
- Iceland's Oil Dream in Peril as China, Norway Give Up Last Block (Jan 23)