Statoil will become operator for all phases of the massive Johan Sverdrup field in the North Sea, offshore Norway. The decision has been made by the partners in the field, Statoil has announced.
Statoil said that the decision will be added in the Unit Operating Agreement (UOA), which is planned to be submitted to the authorities in February 2015 together with the Plan for Development and Operation (PDO).
“Statoil will cooperate closely with its partners in order to secure the best possible utilization of the resources on Johan Sverdrup. The goal is to achieve a recovery factor of at least 70% from the field,” the company said in a press release.
The field development plan includes a field center that will carry out the most important functions while also allowing for the subsequent connection of various installations during the development’s different phases. This integrated solution will ensure efficient field development and operation.
“Statoil’s plan is to establish a production organisation for the field in Stavanger, while at the same time drawing upon the considerable expertise of its partners and the supplier industry. Johan Sverdrup will represent a powerhouse of value creation and employment in Norway for many decades to come,” Statoil added.
Johan Sverdrup is one of the largest oil discoveries ever made in the history of the Norwegian continental shelf, probably among the top five oil fields. Partners in the field, which encompasses three production licences are Statoil, Lundin Petroleum, Maersk Oil, Petoro and Det norske oljeselskap.
The resource estimate for the entire field is between 1.8 and 2.9 billion barrels of oil equivalent. On plateau Johan Sverdrup will account for 25% of the total oil production in Norway. Production start is scheduled for the end of 2019.