Statoil lodges plan for $6.1bn Barents Sea projectStaff Writer | December 5, 2017
Statoil submitted the PDO (plan for development and operation) for the Johan Castberg project on behalf of the partnership with Eni and Petoro. Several major contracts will also be awarded to Norwegian industry.
Oil exploration The plan for development and operation
Capital expenditures for Johan Castberg are estimated at some NOK 49 billion. Recoverable resources are estimated at 450 – 650 million barrels of oil equivalent.
This makes the Johan Castberg project the biggest offshore oil and gas development to be given the go-ahead in 2017. First oil is scheduled for 2022. ■