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.

Offshore staff

LYSAKER, Norway – 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%.

02/07/2017

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