Statoil cuts billion from Sverdrup field budget

First stage development of the massive Johan Sverdrup field looks set be around a billion dollars cheaper than first projected, according to a new investment estimate published by the field's operator, Statoil.

Photo: Statoil

Statoil, the operator in the giant Johan Sverdrup field on the Norwegian shelf in the North Sea, has presented a preliminary investment estimate for the first stage developments of the massive field. And the now field now looks set to require fewer investments than first anticipated, reports Norwegian media Det Norske.

When the field partners, which in addition to Statoil include Maersk Oil, Petoro, Lundin Petroleum and Det norske oljeselskap, in February 2015 submitted their development and expansion plan to Norwegian authorities, the total investment estimate came to a total USD 14.5 billion.

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