EnergyWatch

Norway demands new evaluation of floating offshore wind farm over large oil field

One of the largest oil and gas fields in Northern Europe should be equipped with offshore wind turbines, says influential Norwegian environmental organization. Norwegian politicians are prepared to reevaluate the model, despite Equinor's continued rejection of the proposal.

Photo: Kåre Spanne/Statoil

The development of the Castberg field on the Norwegian continental shelf has been an unconditional sucess. Not only does the field reportedly contain between 450 and 650 million barrels of crude – the field would also be able to reach operation by 2022, and related costs are only moving in one direction ever since Equinor, formerly Statoil, presented the field for the first time in 2010.

The field would thus be able to break even at an oil price at merely USD 35 per barrel – a dramatic drop from initial estimates that suggested a break even point at around USD 80 per barrel. Meanwhile, Equinor has succeeded in reducing costs by expanding the field drastically, from NOK 100 billion to 49 billion (USD 12.26 billion to USD 6.01 billion).

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Vestas confirms spread of stolen data

Data from the OEM's IT systems have been stolen and offered to a third party, informs Vestas, which has "reasons to believe" that the leaked data mainly pertains to internal company matters, says CEO.

Further reading

Related articles

Latest News

See all jobs