Statoil submits NOK 49 billion plan for this year's biggest oil field

Norwegian oil major Statoil has submitted the development and operation plan for Johan Castberg, which will be the biggest investment in the global oil industry this year. Subcontractor Aker will be awarded contracts worth NOK 4 billion.

Photo: Kåre Spanne/Statoil

Statoil is preparing to inject NOK 49 billion – approximately EUR 4.96 billion – into the Johan Castberg field in the most northern part of Norway. This will make Statoil the oil company to pass the most ambitious and expensive plan for development and operation (PDO) in the world this year.

The investment decision entails contracts to a series of subcontractors, including contracts to Aker Solutions for almost NOK 4 billion. The decision is also proof that Statoil now plans to stay involved Norway's oil and gas production for at least another 30 years.

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