Statoil submits the development plan for Johan Sverdrup, the largest oil discovery field on the Norwegian continental shelf, to the Minister for Petroleum and Energy of Norway on Friday.
Statoil’s newly appointed CEO Eldar Saetre would submit the development plan to the Minister Tord Lien.
The capital expenditures for the fields phase one is estimated at approx. $15 billion and for the full field development they are estimated at $30 billion.
The expected recoverable resources of between 1.4 and 2.4 billion barrels of oil equivalent.
"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 Statoil’s chief executive officer Eldar Saetre.
Statoil expects first oil production to start from the field in late 2019.
Statoil has 40 percent shares of Johan Sverdrup while Lundin Norway, a private oil company, holds 22, Petoro holds 18, Det Norske 11 and Maerks Oil hold 8 percent.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr