Statoil said it plans to make a final investment decision regarding the Arctic Johan Castberg oil field toward the end of 2017.
The development is estimated to cost about $5.78 billion. Statoil said it plans to invest about $135.73 million per year to operate the field, which is scheduled to come onstream in 2022 and operate for about 30 years. The operation will be supported by a supply and helicopter base in Hammerfest and an operations organization in Harstad.
Johan Castberg is believed to hold between an estimated 450 MMboe and 650 MMboe.
Statoil has a 50% stake in the development, while Eni holds 30% and Norwegian state firm Petoro holds 20%.
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