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).
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