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Norway looks set to approve giant Johan Sverdrup oil field

Apr. 24, 2015 10:56 AM ETEquinor ASA (EQNR) StockEQNRBy: Carl Surran, SA News Editor2 Comments
  • Norway's government asks parliament to approve the $15B Statoil-operated (STO) Johan Sverdrup project in the North Sea, saying the giant field requires an oil price of only $32/bbl to be profitable; the company previously has said the field would be profitable at below $40/bbl.
  • STO estimates the Johan Sverdrup project could create more than 50K domestic jobs between 2014 and 2026; the oil sector employs ~9% of Norway's workforce and contributed nearly 20% of the country's economic activity and 46% of export revenue in 2014.
  • The field is seen as the cornerstone of Norway's oil production and could contribute 30% of the country's crude oil in 2025.

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