- Development of the North Sea's giant Johan Sverdrup oilfield will be delayed by a year, to late 2019 rather than Q4 2018, as the project continues to grow in complexity and cost.
- Norway's Statoil (STO), Det norske (DETNF) and Petoro, Sweden's Lundin Petroleum (LNDNY) and Denmark's Maersk Oil were expected to announce this month which type of installation they would use to develop the field.
- The first phase of the project is now expected to cost $16B-$21B, more than had been anticipated.
- Analysts say the present value of Johan Sverdrup has been reduced by ~20%, 12% due to lower reserves and 8% due to the delay.
Norway's giant Johan Sverdrup oil field delayed a year
Dec 20 2013, 08:00 ET