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.
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