Norwegian Parliament Approves $6 Billion Plan for Giant ‘Johan Castberg’ Arctic Oil Field

The Norwegian Parliament has approved Equinor's development and operation plan for the giant Johan Castberg field located in the Barents Sea within the Arctic Circle. The plan now heads to Norway's Ministry of Petroleum and Energy for formal approval. The Johan Castberg field, with estimated recoverable resources of 450-650 million boe (barrels of oil equivalent), is … [Read more...]

Arctic Oil “Undrillable” Amid Global Warming, UN’s Ex-Climate Chief

By Alister Doyle OSLO, May 15 (Reuters) - An architect of the Paris climate agreement urged governments on Tuesday to halt oil exploration in the Arctic, saying drilling was not economical and warming threatened the environmentally fragile region. Christiana Figueres, formerly head of the U.N. Climate Change Secretariat when the Paris accord was reached by almost 200 nations … [Read more...]

Statoil Awards Contract for Johan Castberg Topsides to Kvaerner

Oslo, Norway-based Kvaerner has been awarded a large contract from Statoil for the construction and installation of the topside structure for the floating production, storage and offloading vessel (FPSO) to be located on the Johan Castberg field in the Barents Sea. The contract has a total value of about NOK 3.8 billion (US $381 million), and includes the construction, … [Read more...]

Statoil Greenlights Key $6 Billion Norway Arctic Oil Project

  By Mikael Holter (Bloomberg) -- Statoil ASA gave the final go-ahead to a flagship Arctic oil project after slashing costs by half. While expected, the move by Norway’s biggest oil company is a boost to a region seen as key to arresting a decline in the country’s production. In a striking illustration of how oil companies have adapted to lower prices, … [Read more...]

Barents Sea Oil Boom is Lesson in Progress for Arctic Drilling

By Mikael Holter (Bloomberg) -- With the oil industry barely recovering from its most brutal slump in decades, you might expect the Arctic Ocean to be the last place explorers would hunt for new discoveries. The Barents Sea off Norway’s northern tip is different. Norwegian authorities expect companies including Lundin Petroleum AB and OMV AG to drill a record 15 wells in … [Read more...]