The capital cost of the Equinor-operated Johan Castberg oil development offshore Norway has been revised upwards again due to its well-publicised difficulties with the floating production, storage and offloading vessel, but the project’s revised start-up date is unchanged.
Project partner Vaar Energi said in its latest quarterly report that the planned start-up of Johan Castberg remains the fourth quarter of 2024.
Peak gross production is expected at 190,000 barrels of oil equivalent per day, with an estimated production cost of US$3 per boe during the first year of full production.
