Aker BP, along with its partners, has reduced the investment costs for Phase 1 of Johan Sverdrup development by NOK 5 billion to NOK 92 billion.
The Johan Sverdrup development passed the halfway mark over the summer, and is now nearly 60% complete, the company informed.
Since the plan for development and operation (PDO) of the Johan Sverdrup field was approved by Norwegian authorities, planned investments for Johan Sverdrup Phase 1 have been reduced by a total of NOK 31 billion.
This investment update for Phase 1 coincides with the assembly operation of the Johan Sverdrup drilling platform which is taking place in Klosterfjorden, near Haugesund in Norway. The drilling platform is one of four platforms which makes up the planned field centre for Johan Sverdrup.
Phase 1 is expected to start up in late 2019 with production capacity estimated at 440,000 barrels of oil per day.
Phase 2 is expected to start up in 2022, with full field production estimated at 660,000 barrels of oil per day. Peak production on Johan Sverdrup will be equivalent to 25% of all Norwegian petroleum production, the company noted.
Partners in Johan Sverdrup are Statoil 40,0267% (operator), Lundin Norway 22,6%, Petoro 17,36%, Aker BP 11,5733% and Maersk Oil 8,44%.