Norwegian Parliament Approves Johan Sverdrup Development
Friday 19 June 2015
"This is a milestone for Norway" says Minister Tord Lien. On Thursday the Norwegian Parliament approved the plan for development and operation of the first phase of the Johan Sverdrup field in the North Sea.
Johan Sverdrup field is the largest oil field found on the Norwegian continental shelf in decades. Total income over the field life is estimated at NOK 1350 billion.
"Johan Sverdrup is the start of a new chapter in Norwegian oil history. The development is the largest industrial project in recent times, and will create tens of thousands of jobs in Norwegian companies across the economy for years to come." says Minister Tord Lien.
The development will involve investment of nearly NOK 120 billion during the first phase. Several major contracts related to the development of the Johan Sverdrup field have already been allocated to Norwegian companies.
"It is very gratifying that Norwegian suppliers have won major contracts and can so clearly assert themselves against tough international competition. The Industry has shown that it is able to adapt and adjust to a new competitive situation. This is good" continues Minister Tord Lien.
Johan Sverdrup field is located on the Utsira High in the North Sea, about 155 km west of Karmøy and was discovered in 2010 and 2011. The field will be operated and supplied from the Stavanger area. The first phase comprises a field center with four bridged linked platforms as well as three associated subsea templates. Recoverable reserves from Sverdrup field is approximately 1.9 billion boe, where 95 percent is oil.
Press Release (Link is in Norwegian)