United Kingdom

Statoil cuts cost of Sverdrup development by another $640 mln

Monday, 4 Sep 2017 

Sept 4 (Reuters) - Statoil Asa :Further improvements on Johan Sverdrup oilfield.Further reduce investment costs for first phase of development by NOK 5 billion ($642.29 million) to NOK 92 billion.Sverdrup development passed halfway mark over summer, and is now nearly 60% complete, ahead of plan and below budget.Phase 1 is expected to start up in late 2019 with production capacity estimated at 440,000 barrels of oil per day.Phase 2 is expected to start up in 2022, with full field production estimated at 660,000 barrels of oil per day.