The state-owned operator has already cut the overall cost of the Arctic project by nearly 50% to between Nkr50 billion and Nkr60 billion, compared with a previous estimate of around Nkr100 billion.
This has been achieved mainly through a conceptual shift in favour of a standalone floating production, storage and offloading vessel to replace an earlier plan involving a semi-submersible production unit with pipeline to onshore terminal, which has resulted in a reported 20% saving alone.
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