Equinor ASA’s floating manufacturing, storage and offloading vessel (FPSO) has arrived on the Johan Castberg subject within the Barents Sea.
Equinor will begin connecting the FPSO to the world’s subsea amenities, getting ready it for manufacturing start-up in the direction of the top of the yr, the corporate mentioned in a information launch. The FPSO’s storage capability is 1.1 million barrels of oil.
The Johan Castberg subject is positioned roughly 62.1 miles (100 kilometers) north of the Snøhvit subject. It’s a massive oil subject with estimated recoverable volumes of between 450 million and 650 million barrels.
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The sphere will produce for 30 years, and at its peak, Johan Castberg has the potential to provide 220,000 barrels per day, in response to the discharge.
The sphere growth idea contains 30 wells distributed throughout ten subsea templates and two satellites that may now be tied again to the FPSO. Up to now, 13 of those wells have been drilled, and drilling operations will proceed into 2026, Equinor mentioned.
Johan Castberg is positioned 149 miles (240 kilometers) northwest of Hammerfest. The sphere has a provide and helicopter base in Hammerfest and an operations group in Harstad.
“This is a crucial milestone for Equinor and its companions Vår Energi and Petoro. Johan Castberg strengthens Norway’s position as a dependable, long-term vitality provider. The sphere will create nice worth for society, and long-term ripple results and jobs. I want to thank everybody who has contributed,” Trond Bokn, Equinor’s senior vice chairman for challenge administration management, mentioned.
“Johan Castberg is vital for our growth plans in Northern Norway. When the sphere comes on stream, a brand new province will likely be opened for oil restoration within the Barents Sea. This offers new alternatives for the exploration for and growth of recent discoveries within the space. Working with our companions we’re already maturing 5 discoveries in the direction of a potential tie-in to Johan Castberg,” Grete Birgitte Haaland, Equinor’s senior vice chairman for Northern Norway, mentioned.
The useful resource base for growing the Johan Castberg subject consists of three oil discoveries: Skrugard, Havis, and Drivis, all of that are positioned in manufacturing license 532 and are operated by Equinor.
The Johan Castberg subject growth offers vital infrastructure in a brand new oil province within the Barents Sea, and new volumes have been found within the space. 5 extra discoveries are being thought of to be tied to Johan Castberg, and Equinor plans for additional exploration within the areas round Johan Castberg within the years to come back, it mentioned.
Equinor owns a 50 % curiosity within the Johan Castberg subject, with Var Energi ASA and Petoro AS holding 30 % and 20 %, respectively.
In September 2023, Equinor mentioned that estimated funding prices for its flagship Johan Castberg challenge had risen by virtually $1.2 billion (NOK 13 billion) since 2022 to $7.38 billion (NOK 80 billion).
The principle cause for the rise within the funding estimate from final yr is that the workload transferred to Stord has been extra complete and complicated than estimated, Equinor mentioned. Marine operations, drilling, and completion prices have additionally elevated resulting from “market value growth”, and “the challenge has not progressed as deliberate”, Equinor mentioned in an earlier information launch.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
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