Statoil and partners have announced plans to reduce development costs of the Johan Sverdrup oilfield in North Sea, Norway, by more than 10% due to a decline in oil prices.

Det norske oljeselskap, which serves as a partner in the project with 11.5733% share, reports reserves of 303 million barrels of oil equivalent after an independent third-party evaluation and certification by AGR.

Statoil operates the Johan Sverdrup field with a 40.0267% stake. The remaining partners are Lundin Norway (22.6%), Petoro (17.36%) and Maersk Oil (8.44%).

"Anticipated costs for full-field development have been reduced to between Nkr160bn and Nkr190bn."

According to Statoil, the cost estimates for the first phase of the North Sea field has decreased to Nkr108.5bn.

Anticipated costs for full-field development have been reduced to between Nkr160bn and Nkr190bn.

Det norske said that ‘debottlenecking’ of the production facility has also been decided in order to increase production capacity beyond the upper end of the PDO estimate of 315,000 to 380,000 barrels of oil equivalent per day.

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The company plans to establish a new project execution model in 2016 that will contribute to reducing the number of engineering hours per tonne produced platform by 50% and the execution time by 25%.

The field lies in two different production licences and comprises two different discoveries called Avaldsnes and Aldous Major South.