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Statoil lodges plan for $6.1bn Barents Sea project

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Staff Writer | December 5, 2017
Margareth Øvrum
Oil exploration   The plan for development and operation

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.

“This is a great day! We have finally succeeded in realising the Johan Castberg development. The project is central part of the further development of the northern regions, and will create substantial value and spinoffs for Norway for 30 years,” says Margareth Øvrum, Statoil’s executive vice president for Technology, Projects and Drilling.

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.


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