Oil and Gas

Norwegian oil company Statoil AS A said it expects the Johan Sverdrup oil field in the North Sea to generate revenue of $199.21 billion over the next 50 years, with 650,000 barrels of oil per day at its peak.

Norwegian oil company Statoil ASA said it expects the Johan Sverdrup oil field in the North Sea to generate revenue of $199.21 billion over the next 50 years, with 650,000 barrels of oil per day at its peak.

According to the Wall Street Journal:

The Johan Sverdrup field will be fundamental to Norway’s crude-oil output in the coming decades. Norway’s crude production was 1.46 million barrels a day last year, more than halved from a peak in 2000.

The field also provides a boost to Statoil’s domestic oil and gas output of 1.22 million barrels of oil equivalent per day last year, down 14% from 2007. Including its international production, Statoil’s output was 1.94 million barrels a day last year.

Arne Sigve Nylund, an executive vice-president of Statoil, said:

 This will be a gigantic project that will secure energy supply and jobs and result in substantial spin offs and value for Norwegian society, the industry and the partnership behind the development.

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