Statoil & Co, Johan Castberg oil field

The Johan Castberg will be one of the biggest industrial projects in the Norwegian Arctic ever. The Johan Castberg project comprises three oil fields, namely Johan Castberg (formerly Skrugard), Havis, and Drivis, located in production license PL 532, about 100km northwest of the Snøhvit-field in the Barents Sea, offshore Norway. About 49 billion NOK (€5 billion) will be spent on the development of the 450 to 650 million barrels of oil equivalent. First oil from the project is scheduled for 2022. Johan Castberg is located on 72 degrees north and will the northernmost field in operation on the Norwegian shelf. Costs are cut about 50 percent and the field is now to be profitable at oil prices of "less than $35 per barrel," the company says.