Statoil and its partners announced they will submit the plan for development and operation (PDO) for Johan Sverdrup oil field, phase one, to the Norwegian Ministry of Petroleum and Energy. The capital expenditures for Phase-1 of are estimated at NKR117bn (€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 NKR170-220bn (€19.5-25.3bn) with recoverable resources of between 1.7-3.0 Gboe over 50 years. The oil field was discovered in 2010 by Lundin Petroleum and Statoil.
The Johan Sverdrup oil field is planned to be developed in several phases, Phase-1 consists of four bridge-linked platforms, in addition to three subsea water injection templates. The development in phase-1 has a production capacity in the range of 315,000-380,000 bbl/d (113-137 Mboe/y) with first oil planned for late 2019. The companies aims a recovery rate of 70%. According to international press, the European costliest offshore project is expected to break even at under US$40/bbl.
Statoil, holds 40.03% of the project, Lundin Norway 22.12%, Petoro 17.84%, Det norske oljeselskap 11.89% and Maersk Oil 8.12%.