Det Norske installing a jacket at the Ivar Aansen field. /Det Norske

Statoil cuts Sverdrup project’s capex

Norway

STAVANGER, September 25, 2015 – Norwegian state-owned operator Statoil has cut the capex for development for the Johan Sverdrup oil and gasfield project in Norway’s North Sea by almost $1 billion, the company’s local partner Det Norske reported in a Friday press release.

“The updated estimate is showing reduced capital expenditures as a result of positive market response in contracts and purchase orders,” Det Norske said in the statement.

Statoil, together with parters Norwegian exploration and production company Det Norske, Swedish producer Lundin Petroleum, and Danish producer Maersk Oil, hope to bring operating costs down in a low oil prices environment.

Over its projected lifetime of 50 years, the Johan Sverdrup field is estimated to produce between 1.8 billion-2.9 billion barrels of oil equivalent, and NOK1.35 trillion ($22.8 billion) in revenue.

The cut in production capex cut follows the recent $152-million subsea contract awarded to Norwegian services company FMC Kongsberg.

Photo courtesy of Det Norske

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