The Norwegian parliament has approved the plan for development of one of Norway’s largest oil discoveries in decades – the Statoil-operated Johan Sverdrup field in the North Sea.

“Johan Sverdrup is the start of a new chapter in Norwegian oil history,” said the country’s energy minister Tord Lien.

He said the development would provide jobs and income“for our grandchildren too”.

“There is reason to be both proud and delighted,” the minister said.

Several major contracts related to the development of the Johan Sverdrup have already been awarded to Norwegian companies. Statoil on Monday awarded $558 million contract to Odfjell Drilling for drilling wells at the field.

Also, last week Norwegian contractor Kvaerner, together with KBR from the US, won a contract for the construction of the topside for the utility and living quarter platform at the Johan Sverdrup field. The contract has a value of $843 million.

Johan Sverdrup is one of the five biggest oil fields on the Norwegian continental shelf. With expected resources of between 1.7 – 3.0 billion barrels of oil equivalent, it will also be one of the most important industrial projects in Norway over the next 50 years.

The Johan Sverdrup licensees are Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.

Source: www.offshoreenergytoday.com

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