Norway’s Statoil approves USD491 million construction of FPSO vessel, Johan Castberg

Norway’s Statoil approves USD491 million construction of FPSO vessel, Johan Castberg

Norwegian oil major, Statoil said it has approved the construction of  Johan Castberg, a floating production, storage and offloading (FPSO) vessel that will be located on the Johan Castberg field in the Barents Sea.

Statoil said in a statement that the estimates for Norwegian content is approximately 50% in the project phase and about 80% in the operations phase for Johan Castberg.

The Johan Castberg development is planned to consist of a large subsea system tied into a FPSO vessel.  Recoverable resources are estimated at 450-650 million barrels of oil equivalent. The field is located in the Barents Sea, 240 kilometres north-west of Hammerfest. 30 wells are planned to be drilled in the field in the period 2019-2024.

The partnership consists of Statoil (50%), Eni (30%) and Petoro (20%).

“We will be working closely with Sembcorp Marine to ensure safe and efficient delivery based on our requirements for HSE, quality, time and cost.  The remaining procurement work will be progressed in parallel with this,” says Statoil’s chief procurement officer, Pål Eitrheim.