Statoil ASA (NYSE: STO) said Sept. 13 a final development plan for Johan Castberg located on the Norwegian Continental Shelf is set to be submitted in 2017.

Statoil, Johan Castberg, Norwegian Continental Shelf, Norway, Johan Sverdrup, Industri Energi, oil, natural gas, exploration production, Eni Norge, Petoro, Reuters

Investments are estimated to be between NOK 50 billion (US$6.08 billion) and NOK 60 billion (US$7.30 billion).

Statoil said the first phase of Johan Sverdrup development will be completed in the period of 2018-2022. Continued low oil prices may affect these plans, the company added.

The company plans to use gas turbines, not power cable from land, to power Johan Castberg.

Oil workers union Industri Energi said it expects Statoil to make the final investment decision on Johan Castberg development in fourth-quarter 2017, with production starting towards the end of 2022.

A Statoil spokesman said he couldn't confirm the timing, beyond that the decision would be taken in 2017.

Johan Castberg development will require to drill more than 30 subsea wells, according to Industri Energi.

Partners in Johan Castberg: Statoil 50% (operator), Eni Norge 30% and Petoro 20%. (US$1 = 8.2192 Norwegian crowns)

Offshore