Statoil submits Johan Castberg PDO

Statoil has submitted the PDO (plan for development and operation) for the Johan Castberg project on behalf of the partnership with Eni and Petoro. Several major contracts will also be awarded to Norwegian industry.

Capital expenditures for Johan Castberg are estimated at some NOK 49 billion. Recoverable resources are estimated at 450 – 650 million barrels of oil equivalent. This makes the Johan Castberg project the biggest offshore oil and gas development to be given the go-ahead in 2017. First oil is scheduled for 2022.

Parallel with the submission of the PDO Statoil is signing a contract both for the Johan Castberg subsea system, and engineering and procurement management, both with Aker Solutions AS. The contracts have a total value about NOK 4B.

Johan Castberg is a big subsea development, and this contract includes 30 wells, 10 subsea templates and two satellite structures.

Statoil, on behalf of the partners in the Snorre licence, is also signing a letter of intent (LoI) with FMC Kongsberg Subsea AS for the subsea system for Snorre Expansion Project (SEP). The LoI includes 6 subsea templates and subsea production equipment for a total of 24 wells.

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