The Norwegian Ministry of Petroleum and Energy has approved Statoil's plan for development and operation (PDO) for Johan Sverdrup oil field - phase one on the Utsira High in the North Sea. The Johan Sverdrup oil field is planned to be developed in several phases. The development of phase-1 has an expected production capacity in the range of 315,000 - 380,000 bbl/d (113 - 137 Mboe/y) with first oil planned to be produced for late 2019. The second phase is scheduled for 2022. Full production is estimated at 550,000 - 650,000 bbl/d (200 - 237 Mboe/y). Statoil and its partners aim at a recovery rate of 70%. The capital expenditures for Phase-1 are estimated at NOK 117bn (€13.4bn) and the expected recoverable resources are projected at between 1.4-2.4 Gboe. For the full field development, capital expenditures are estimated at some NOK 170-220bn (€19.5-25.3bn) with recoverable resources of between 1.7-3.0 Gboe over 50 years. Statoil, holds 40.03% of the project, Lundin Norway 22.12%, Petoro 17.84%, Det norske oljeselskap 11.89% and Maersk Oil 8.12%.