Johan Castberg

Norway

One in three success rate for Norwegian explorers so far in 2021

Westwood Global Energy reports that there were five exploration well programmes active on the Norwegian Continental Shelf as of February 24. A total of three exploration wells have completed to date in 2021, from which one commercial discovery was made with total resources of c. 57 mmboe, giving a 33% commercial success rate.

Oil & Gas

Statoil reduces spending on Johan Castberg field

Statoil has reduced its spending on the Johan Castberg field by an estimated 30%. According to reports in Norwegian media, the Norwegian operator is still on target for a concept decision next year. The company’s vice president for field development Erik Strand Tellefsen told a seminar costs had been reduced through multiple processes on the project.