Johan Sverdrup Partners to Decide on Development Concept in Early 2014

Statoil ASA and the partners in the Johan Sverdrup oil field in the North Sea continue their work to evaluate and optimise the field development concept.

As announced in February 2013 a concept selection was scheduled to be agreed within the partnerships of PL501, PL265 and PL502 (the “partnership”) by the end of 2013. The partnership has agreed to extend the process into early 2014 to finalise the concept selection.

At the same time, the partnership is working to award a contract for front-end engineering and design – FEED.

“We need to make the final clarifications and give the individual companies the opportunity to make a proper consideration. At the same time, the partners agree that we should award the FEED contract at soon as possible in order to keep momentum,” says Øyvind Reinertsen, senior vice president for the Johan Sverdrup field.

The plan is to have the plan for development and operation (PDO)approved during the Norwegian Parliament’s (Stortinget) spring session of 2015. Production start-up is expected at the end of 2019.

The resource estimate for the field is between 1.8 – 2.9 billion barrels of oil equivalent.

Partners:

PL 501: Lundin Norway (operator – 40%), Statoil (40%), Maersk Oil (20%)
PL 265: Statoil (operator – 40%), Petoro (30%), Det norske oljeselskap (20%), Lundin Norway (10%)
PL 502: Statoil (operator – 44.44%), Petoro (33.33%), Det norske oljeselskap (22.22%)

[mappress]
December 20, 2013