Statoil: Further Increasing Value of Johan Sverdrup
Monday 12 February 2018
Statoil and partners further increase the value of the Johan Sverdrup field as a result of continued high quality in project execution, good drilling efficiency and further maturation of the resource base.
The Johan Sverdrup development is now nearly 70% complete, which is according to plan, and investment costs are continuing its positive trend.
Phase 1 of the project is currently estimated at NOK 88 billion (capex numbers in nominal terms based on fixed currency), which amounts to a reduction of NOK 35 billion or close to 30 percent since the plan for development and operation (PDO) was approved in August 2015.
Break-even is reduced to below USD 15 per barrel for the first phase of the Johan Sverdrup project.
Since the PDO for the first phase was submitted the range of the full-field resource estimate has improved from 1.7-3.0 to now 2.1-3.1 billion barrels of oil equivalents.
The Johan Sverdrup project will be developed in several phases, and the PDO for phase 2 will be submitted to Norwegian authorities in the second half of 2018. Further maturation has reduced the estimated investment costs for phase 2 to below NOK 45 billion.
With this, the break-even for the full-field development of Johan Sverdrup has been improved to below USD 20 per barrel.
A more streamlined operation and maintenance model, combined with increased use of digital and automated solutions, has also helped reduce estimated yearly operating costs by nearly NOK 1 billion or approximately 30 percent since the PDO was approved in August 2015.
Aker BP ASA is also pleased to announce that the operator Statoil and the partnership (Aker BP 11,57 per cent working interest) further increase the value of the Johan Sverdrup field as a result of continued high quality in project execution, good drilling efficiency and further maturation of the resource base.
Lundin Petroleum AB (Lundin Petroleum) is also pleased to announce that the Johan Sverdrup development project continues to improve.
The Johan Sverdrup partnership:
Statoil 40,0267% (operator)
Lundin Norway 22,6%
Petoro 17,36%
Aker BP 11,5733%
Maersk Oil 8,44%