Statoil Expects $200 Billion from North Sea Oil

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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