Photographer: Kristian Helgesen/Bloomberg

Statoil Trims $2.9 Billion Off Sverdrup Cost as Output Boosted

  • Company sees output of 440,000 barrels a day in first phase
  • Says total project investment could be as low as $17 billion

Statoil ASA lowered development costs for the start-up at its giant Johan Sverdrup oilfield by $2.9 billion and raised the estimated initial output by 16 percent after intensifying drilling and streamlining operations.

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