Statoil has completed nearly 60% development of the Johan Sverdrup project, one of the biggest oilfields in the Norwegian Continental Shelf.
The planned investment also decreased by nearly Nkr30bn ($3.85bn) since Norwegian authorities approved the plan for development and operation (PDO) for the Statoil-operated Johan Sverdrup project.
Currently, the first phase of development involves an investment of nearly Nkr92bn ($11.8bn).
Statoil president and CEO Eldar Saetre said: "The Johan Sverdrup project continues to deliver ahead of expectations, thanks to solid collaboration between Statoil, its partners and our suppliers.
"We are seeing high-quality in project planning and execution across the entire project, and the project continues to benefit from good drilling and well efficiency, which together has enabled us to further reduce our forecast for the first phase."
Currently, the assembly operation of the Johan Sverdrup drilling platform is underway at Klosterfjorden, near Haugesund in Norway.
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The drilling platform is one of four platforms that will make up the planned field centre for Johan Sverdrup.
After completion of the assembly operation, the drilling platform will be transported to Haugesund for hook-up of modules and commissioning work.
The installation of the platform is scheduled in the middle of the next year.
Johan Sverdrup is expected to contain between two billion and three billion barrels of oil equivalent.
To be developed in multiple phases, the first phase is expected to start in late-2019 with production capacity estimated at 440,000bpd.
Statoil is the operator of the project with 40.0267% interest, while the remaining stakeholders are Lundin Norway (22.6%), Petoro (17.36%), AkerBP (11.5733%) and Maersk Oil (8.44%).
Image: The jacket for the Johan Sverdrup platform was installed by Thialf crane vessel. Photo: © Statoil ASA.