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Statoil Cuts Cost Of Developing Johan Svedrup Field

Oil

Statoil has cut the cost of developing the Johan Svedrup field to a range of 137 billion to 152 billion Norwegian crowns, down from a 140 billion to 170 billion estimation in August and compared to an earlier projection of 220 billion crowns, Reuters reports. The field (the largest North Sea discovery in decades) is scheduled to commence production in 2019 and have a peak output of 660K b/d.