Statoil Likely to Pick Floating Facility for Big Arctic Field

Posted by Michelle Howard
Thursday, May 15, 2014
Photo by Harald Pettersen (Courtesy Statoil)

Statoil is more likely to develop the $15.5 billion Johan Castberg field in the Arctic using a floating production storage and offloading (FPSO) installation than via an oil terminal on land, a senior company executive said on Thursday.

 


Last year the oil firm suspended the development of its flagship Arctic project due to cost inflation and a tax hike.



Finding more resources was key to making the project economically viable but earlier this month the firm said the results of the latest and final, round of drilling were disappointing.



Two options were on the table: to transport the oil from the field to a terminal on land where tankers would load up, or have an FPSO at the field and load vessels there.
 


"It is clear that there had been a negative development with the search (for more oil and gas resources). It is clear it weakens the option of having a terminal on land," Ivar Aasheim, Statoil's director of field development off Norway, told Reuters.



"A terminal is very good if you have large volumes," he said on the margins of an oil and gas seminar.



Production is projected to start in 2020, he said. The original plan, before the delay, was for production to start in 2019.



The base case for daily production is for 30,000 cubic metres of oil per day, he said.
 


Aasheim said Statoil would give an update on the status of the project "before the summer holidays", which in Norway tend to start in July.

 

Statoil is the operator of Johan Castberg and has a stake of 50 percent. Italy's Eni has a stake of 30 percent and Norwegian state-owned firm Petoro holds the remaining 20 percent.

 

(By Gwladys Fouche, Editing by William Hardy)


People & Company News

MN100: Klüber Lubrication NA LP

The Company: Klüber Lubrication is one of the world’s leading manufacturers of specialty lubricants, offering high-end tribological solutions to virtually all industries and markets worldwide.

Grand Bahama Shipyard Adds Four Executives

Grand Bahama Shipyard Limited (GBSL), a Caribbean shipyard providing retrofit, refurbishment and revitalization to cruise and commercial vessels, has added four

MN100: Voith Turbo

The Company: Voith Turbo specializes in the design, manufacture and servicing of high performance driveline equipment. From drive components to electronic drive systems,

Energy

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Pressure Mounting on VLGCs Rates - Drewry

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.

China Receives First American LNG Cargo

The first cargo of US liquefied natural gas (LNG) to target the world’s largest energy consumer arrived Monday at the Chinese port of Yantian in Shenzhen near Hong Kong.

News

Big Tankers' Need for Retrofit Slows Use of New Panama Canal

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected

Tough Twins: New Fireboats for Port of Long Beach

Canada based naval architect and marine engineering firm Robert Allan Ltd. is a leading designer of high-performance response vessels of many types and in particular,

USCG Evaluates Comms Equipment in Alaska

Coast Guard Research and Development Center evaluates state-of-the-art communications equipment and Next Generation Incident Command System in Alaska   At nearly 663,

Arctic Operations

USCG Evaluates Comms Equipment in Alaska

Coast Guard Research and Development Center evaluates state-of-the-art communications equipment and Next Generation Incident Command System in Alaska   At nearly 663,

Ice Free Arctic?

Arctic melting slowed enough in midsummer that scientists don't expect this year's sea ice minimum to set a new record. This year’s melt season in the Arctic Ocean

Submarine Found in North Sea

The Danish Maritime Authority confirms having received a report on the finding of a wreck off the west coast of Jutland. The report also states that there are

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1134 sec (9 req/sec)