Statoil makes more big investments in Sverdrup

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Norwegian oil company Statoil was busy handing out more large contracts this week, and raising spirits in the still-sluggish oil and offshore industry. This time the main beneficiaries were, once again, Aker Solutions and Kværner plus Siemens.

Aker Solutions will deliver process platforms in the second phase of development on the Johan Sverdrup oil field, Kværner will provide the steel underpinnings and Siemens the deliverance of electric power from the mainland.

All told, Statoil’s second-phase projects will amount to as much as NOK 55 billion (USD 6.5 billion) in investment. Around 40 percent of the work in Johan Sverdrup‘s first phase is now complete, with Statoil claiming it’s on track to production start-up in 2019.

The Johan Sverdrup project, which is benefiting from eager suppliers doing work at lower costs, is considered an important field not only for Statoil but for the entire oil industry and the Norwegian economy. The field, discovered by Lundin Petroleum in 2010-11, will provide lots of work and job opportunities during development and then is expected to generate as much as a quarter of all Norwegian oil production when in full operation in the 2020s.

newsinenglish.no staff