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Lundin CEO: First stage of Sverdrup will cost USD 19.3 billion

Investments to develop the massive Johan Sverdrup field will amount to as much as USD 19.3 billion, according to partner Lundin Petroleum.

Photo: Øyvind Hagen/Statoil

Investment costs related to developing the giant Johan Sverdrup field, of which Maersk Oil owns a 20 percent stake, could be as high as USD 19.3 billion for the first stage alone, says Group CEO Ashley Heppenstall of Swedish Lundin Petroleum, which has an ownership stake in the field along with Statoil, Petoro, and the Norwegian Oil Company (Det norske oljeselskap).

"I think a proper estimate would be around USD 16.1 -19.3 billion," said Ashley Heppenstall at the company's Capital Markets Day on Wednesday, according to Norwegian newspaper Dagens Næringsliv.

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