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Statoil Aims to Further Reduce Castberg Costs

Maritime Activity Reports, Inc.

April 20, 2016

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.


($1 = 8.1378 Norwegian crowns)

(Reporting by Stine Jacobsen, writing by Terje Solsvik, editing by Ole Petter Skonnord)

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