Statoil says Johan Sverdrup output may reach 650K barrels per day

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil's (STO) Johan Sverdrup field is expected to reach an initial output of 315K-380K boe/day and peak at 550K-650K bbl/day, and should remain in production for 50 years, the company says.

STO estimates investments in the first phase of development of at least 100B kroner ($16.4B), including the field center, wells, export solutions for oil and gas and power supply.

STO has said Sverdrup holds as much as 2.9B boe and could supply as much as 25% of Norway’s oil production 10 years from now.