The state-owned giant is targeting a 20% reduction in modification spending as part of plans to cut capital expenditure by $1.7 billion between 2014 and 2016 after signalling an 8% drop in annual investment over the period to $20 billion at an investor presentation on Friday.
Statoil has also identified estimated savings of up to $300 million by using standardised equipment and modules – such as for the Johan Sverdrup and Johan Castberg field projects off Norway – and believes it can cut up to 10% on facility capex by using standardised and leaner platform concepts.
Furthermore,
