Friday, September 24, 2021
New Wave Media

June 26, 2017

Statoil Decision on Castberg Field in late 2017

Plans final investment decision regarding the Arctic Johan Castberg oilfield to be made towards end of 2017
* In January Statoil said Castberg decision would come during the second half of 2017
* Investment seen at NOK 49 billion ($5.78 billion) between 2017 and 2024
* Field size estimated at 450-650 mln barrels of oil equivalent
* Says Castberg operation will be supported by a supply and helicopter base in Hammerfest and an operations organisation in Harstad
* Says recruitment of offshore personnel from Finnmark county is also prioritised
* Expected to come on stream in 2022, the Castberg field will be operating for 30 years. A 2022 start-up is in line with previous Statoil statements
* The national employment during the development phase has been estimated at almost 47,000 man-years, of which close to 1,800 will be in northern Norway
* Statoil will invest around NOK 1.15 billion ($135.73 million) per year in operation of the field, amounting to around 1,700 man-years nationally, of which around 500 will be performed in northern Norway. These are both the direct and indirect spin-offs estimated by analyst firm Agenda Kaupang

* Statoil has 50 pct stake, Eni 30 pct, Norwegian state firm Petoro 20 pct


Reporting by Terje Solsvik 

StatoilFinnmarknorthern Norway
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