Oil companies slash Sverdrup field costs to record-low

Massive oil field Johan Sverdrup is getting cheaper still, reports Statoil. For the field overall, the partners project a break-even price of less than USD 20 per barrel. To begin with, it is even cheaper.

Photo: Statoil

The development of giant Norwegian oil field Johan Sverdrup is getting cheaper still.

The oil field is close to 70 percent done, and the costs of phase one are now expected to total NOK 88 billion (USD 11.2 billion), compared to previously NOK 92 billion. When the partners in early 2015 had the field development plans approved, the phase one costs stood at almost NOK 125 billion.

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