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Statoil slashes estimate of giant North Sea oil find

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Statoil slashes estimate of giant North Sea oil find
Workers on the Transocean Leader rig which drilled the well - Statoil
12:24 CET+01:00
Norway's Statoil has slashed the estimate of the oil held in its largest Norwegian find in decades as it delays the start of production by a year.
The company reduced the top range of its estimate for oil resources in the Johan Sverdrup field from 3.6 billion barrels to 2.9 billion barrels, a cut of almost 20 percent as it updated the market on its development plan. 
 
The field, one of the largest discoveries in the world in 2010/2011, was first made by Statoil's partner, Lundin Petroleum, which like Statoil has a 40 percent stake in the field. 
 
In a statement released on Friday, the company said that the final development concept would be decided early next year. 
 
"“We need to make the final clarifications and give the individual companies the opportunity to make a proper consideration. At the same time, the partners agree that we should award the FEED contract at soon as possible in order to keep momentum,” Øivind Reinertsen, senior vice president for the Johan Sverdrup field, said. 
 
The plan is to have the development plan approved during the Norwegian Parliament’s spring session in 2015. 
 
Production is expected to start in 2019. 
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