Statoil trims capex estimate for Johan Sverdrup

Statoil, the operator for the Johan Sverdrup development, in the North Sea offshore Norway, has presented a preliminary capex estimate for the first phase of the development to the partnership.

The Johan Sverdrup partnership consists of Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.

According to Det norske, the updated estimate is showing reduced capital expenditures as a result of positive market response in contracts and purchase orders. In the Plan for Development and Operations (PDO), which was submitted to the Ministry of Petroleum and Energy (MPE) on February 13, 2015 and approved by the MPE on August 20, 2015, capex for the first phase development was estimated at NOK 117 billion ($13.8B) in real terms (NOK 2015) and NOK 123 billion ($14.5B) in nominal terms.

Det norske explained in Friday’s press release that overall capex for the first phase has in the updated capex estimate been reduced by NOK 9 billion ($1.06B) from NOK 123 billion to NOK 114 billion in nominal terms, assuming the same currency assumptions as in the PDO. The contingency level (in NOK) is maintained in the updated estimate and reflects risks in scope, schedule and project execution.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply