Statoil ASA (NYSE: STO) and its partners submitted the plan for development and operation (PDO) of the Johan Sverdrup Field to the Norwegian Ministry of Petroleum and Energy, the company said Feb. 13.
The PDO was given to Tord Lien, Norwegian petroleum and energy minister, by CEO Eldar Sætre, Statoil added.
Johan Sverdrup’s development will be in several phases, and Phase One consists of four bridge-linked platforms and three subsea water injection templates. The desired recovery rate is 70%. Phase One development’s production capacity will range between 315,000 bbl/d and 380,000 bbl/d.
The capex for Phase One are estimated at NOK [kroner] 117 billion. Full field development capex are estimated at roughly 220 billion kroner.
Expected recoverable resources for Phase One might range between 1.4 Bboe and 2.4 Bboe. Full field development’s expected recoverable resources might range between 1.7 Bboe and 3 Bboe.
First oil is planned for late 2019, Stavanger, Norway-based Statoil said.
The partnership is between Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil. Statoil is the operator.
The majority of the partnership asked the Norwegian Ministry of Petroleum and Energy to determine the final allocation of resources in Johan Sverdrup. The majority proposed an allocation of:
- Statoil- 40.0267%
- Lundin Norway- 22.12%
- Petoro- 17.84%
- Det norske oljeselskap- 11.8933% and
- Maersk Oil 8.12%.
"This is a great day. We are delivering the PDO for the largest oil discovery on the Norwegian Continental Shelf since the 1980s. Johan Sverdrup will generate value of great importance to Norway through several decades. The field’s economy is robust also at current oil prices," said Sætre.
Statoil also will submit two plans for installation and operation for pipeline transportation and the development of power from shore solution.
Recommended Reading
Venture Global, Grain LNG Ink Deal to Provide LNG to UK
2024-02-05 - Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG terminal.
ARC Resources Adds Ex-Chevron Gas Chief to Board, Tallies Divestments
2024-02-11 - Montney Shale producer ARC Resources aims to sign up to 25% of its 1.38 Bcf/d of gas output to long-term LNG contracts for higher-priced sales overseas.
ConocoPhillips CEO Ryan Lance Calls LNG Pause ‘Shortsighted’
2024-02-14 - ConocoPhillips chairman and CEO Ryan Lance called U.S. President Joe Biden’s recent decision to pause new applications for the export of American LNG “shortsighted in the short-term.”
Carlson: $17B Chesapeake, Southwestern Merger Leaves Midstream Hanging
2024-02-09 - East Daley Analytics expects the $17 billion Chesapeake and Southwestern merger to shift the risk and reward outlook for several midstream services providers.
Total CEO: US LNG Shaky, Global Projects Brought into Spotlight
2024-02-21 - U.S. President Joe Biden’s decision to pause approvals for new U.S. LNG projects benefits similar projects around the world and casts doubt around U.S. supply, TotalEnergies’ Pouyanné told analysts during the company’s quarterly webcast.