Plans to develop a huge Arctic oil field have been given a fresh boost after it emerged Statoil is looking at new ideas for the project.
The energy giant shelved plans to develop the £10billion Johan Castberg field in the Barents Sea after tax increases planned by the Norwegian government made the cost of development more marginal.
But now the company has commissioned Aker Solutions to look at how a floating production system could be deployed on the field, which is estimated to hold up to 600million barrels of oil.
The £26.8million project will see the engineering services group conduting an extended concept study for using a floater on the development, with the option for further work.
“This is an exciting opportunity to take part in the development of a major new oil field in northern Norway,” says Per Harald Kongelf, regional president for Norway at Aker Solutions.
Aker had previously conducted concept studies for the field, located 240km north-west of Hammerfest.
Previously Statoil, which is to drill three more exploration wells in the area, had planned to build a new oil pipeline and terminal hub at the North Cape for the field.
However, the company admitted last night it was now looking for a ‘simpler solution’ to developing the field, which would be driven by the outcome of the exploration drilling.
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