Statoil has cut costs by nearly another Nkr2 billion ($257 million) on its Johan Castberg field development project in the Barents Sea off Norway, which has now been approved by the authorities.
Total investments on the scheme are now estimated at Nkr47.2 billion, with a break-even price of only $31 per barrel, down from the previous estimates of Nkr49 billion and less than $35 per barrel given in the plan for development and operation filed last December.
