Costs lowered for both initial Johan Sverdrup phases
Investment costs for the Johan Sverdrup development in the Norwegian North Sea continue to come down, according to partner Aker BP.
During a Capital Markets Day presentation, project operatorStatoil estimated capex at NOK97 billion ($11.6 billion), down from the NOK123 billion ($14.7 billion) figure originally issued with the plan for development and operation (PDO).
The current break-even is now less than $20/bbl for Phase 1, Aker BP said, less than $30/bbl for Phase 2, and less than $25/bbl for the full field development project.
Total full-field investments are also lower, currently NOK137-152 billion ($16.4-18.2 billion) nominal compared with NOK208 billion ($24.9 billion) nominal in 2015.
Since the PDO for the first phase was submitted, Aker BP added, the range of the operator’s full-field resource estimate has improved from 1.7-3.0 to 2.0-3.0 Bboe.
Partners in Johan Sverdrup:
- Statoil 40.0267% (operator)
- Lundin Norway 22.6%
- Petoro 17.36%
- Det norske oljeselskap 11.5733%
- Maersk Oil 8.44%.