The Norwegian oil company Statoil has announced reduction in Johan Sverdrup's investment costs by NKR5bn (US$640m or €538m) down to NKR92bn (US$11.7bn or €9.9bn). Since the beginning of the field development, which is now 60% complete, the planned investments for the project have been reduced by more than NOKR30bn (US$3.8bn or €3.2bn).
The Johan Sverdrup oil field will be developed in several phases. The development of Phase 1 has an expected production capacity in the range of 440,000 bbl/d with first oil planned to be produced for late 2019. The second phase, with a peak production of 660,000 bbl/d and a recovery rate of 70%, is scheduled for 2022. The asset's total recoverable resources are projected at between 2-3 Gboe and once fully commissioned, Johan Sverdrup field's peak production will account for 25% of all Norwegian petroleum production.
Statoil currently holds 40.0267% of the project, Lundin Norway 22.6%, Petoro 17.36%, Aker BP 11.5733% (formerly Det Norske Oljeselskap) and Maersk Oil 8.44% (recently purchased by Total).