EnergyWatch

Castberg field nears final investment plan

The critical decision has recently been made to continue the project on the major Norwegian oil field Johan Castberg. The final investment decision will be made in 2017. See which contracts could be on the table.

Oil field Johan Castberg, which has an estimated potential of between 450 and 600 million barrels of oil, has come one step closer to an expansion. The so-called DG2 decision concerning the continuation of the project has now been made, reports Norwegian media Sysla Offshore.

Statoil is the operator on the field, and project director Knut Gjersten still considers the project financially vulnerable, although according to him the decision represents "an 'important milestone."

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