Statoil Aims to Further Reduce Castberg Costs
Norwegian oil major Statoil plans to cut the estimated cost of developing its Arctic Johan Castberg oilfield by another 4 billion Norwegian crowns ($491.53 million), project director Erik Strand Tellefsen told an energy conference on Wednesday. In January Statoil announced it had cut the cost of developing Castberg to between 50-60 billion Norwegian crowns from an initial estimate of around 100 billion. "Our ambition is to cut by a further four billion," Strand Tellefsen said. Norway's state-owned Petoro and Italy's ENI are partners in the field.
Exploration Well in Kramsnø Completed
Statoil, together with PL532 partners, has made a gas discovery in the Kramsnø prospect in the Barents Sea. The exploration program around the Johan Castberg field has been vital in providing area knowledge, but so far not delivered expected oil volumes. In 2011-2012 Statoil made a breakthrough in the Barents Sea with two high impact oil discoveries Skrugard and Havis, proving a total of 400-600 million barrels of recoverable oil. Skrugard and Havis opened a new petroleum province in the Barents Sea and created a basis for the Johan Castberg field development project.
Statoil Mulls FPU for Skrugard Discovery
Statoil and its partners are considering developing the Skrugard discovery in the Barents Sea by means of a floating production unit with the additional capacity to process and transport from other prospects in the area. A feasibility study has identified a technical and commercial solution for the Skrugard field in the Barents Sea. The solution involving a floating production unit will result in the rapid and cost-efficient development of the discovery. The production unit will have separate oil storage and offshore loading capability with a production capacity of 95…
