Statoil to invest $5.9 billion in the Johan Castberg offshore project in the Arctic

Statoil to invest $5.9 bln in Arctic field

Norway

OSLO, December 5, 2017 – Statoil plans to invest NOK 49 billion (USD 5.9 billion) in the Johan Castberg offshore field in the Arctic, the Norwegian major announced on Tuesday.

First oil at the project, operated by Statoil (50%) in partnership with Eni (30%) and Petoro (20%) is expected in 2022, Statoil said in a statement.

“Johan Castberg will be the sixth project to come on stream in northern Norway. The field will be a backbone of the further development of the oil and gas industry in the north,” said Arne Sigve Nylund, Statoil’s executive vice-president for development and production Norway.

The major also awarded Aker Solutions a subsea contract and an engineering and procurement management contract for the project worth a total of NOK 4 billion (USD 481 million).