Equinor Power AS’s Johan Castberg floating manufacturing, storage and offloading set up (FPSO) has set sail for the sector within the Barents Sea.
The Johan Castberg area is positioned roughly 62.1 miles (100 kilometers) north of the Snøhvit area within the Barents Sea. Equinor mentioned in a LinkedIn publish that the journey of the FPSO might be near 1000 nautical miles from the Norwegian west coast.
The useful resource base for creating the Johan Castberg area consists of three oil discoveries: Skrugard, Havis, and Drivis, all of that are positioned in manufacturing license 532 and are operated by Equinor. The sector is scheduled to begin up within the fourth quarter, and it’ll produce for 30 years, in accordance with the corporate’s web site.
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The sector growth idea features a manufacturing vessel and intensive subsea growth, with a complete of 30 wells distributed throughout 10 subsea templates and two satellite tv for pc buildings. The anticipated recoverable sources are estimated at 450 million to 650 million barrels of oil equal (MMboe).
Operations at Johan Castberg might be dealt with utilizing a provide and helicopter base in Hammerfest and an working group in Harstad.
The Johan Castberg area growth supplies essential 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. Johan Castberg is designed for every day manufacturing of 35,000 customary cubic meters of oil equal, or virtually 220,000 barrels.
Equinor owns a 50 p.c curiosity within the Johan Castberg area, with Var Energi ASA and Petoro AS holding 30 p.c and 20 p.c, 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 primary purpose for the rise within the funding estimate from final 12 months is that the workload transferred to Stord has been extra complete and sophisticated than estimated, Equinor mentioned. Marine operations, drilling, and completion prices have additionally elevated as a consequence of “market price growth”, and “the challenge has not progressed as deliberate”, Equinor mentioned in an earlier information launch.
In 2022, the Johan Castberg FPSO hull, together with dwelling quarters, was transported from Singapore to Stord for set up and commissioning. An infection management measures and decreased entry to labor in reference to the COVID-19 pandemic affected the challenge, in Singapore and at Norwegian yards setting up modules for the manufacturing facility, Equinor mentioned.
Equinor mentioned that when the challenge plan for growth and operation was submitted in 2017, the price estimate was $5.26 billion (NOK 57 billion). Mission prices have risen by $1.43 billion (NOK 15.5 billion), along with a forex impact of simply above $0.65 billion (NOK 7 billion).
The FPSO vessel is designed for every day manufacturing of virtually 190,000 barrels, Equinor mentioned.
To contact the creator, e-mail rocky.teodoro@rigzone.com
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