Norwegian energy companies said they continued their focus on national procurement as deals build up for the development of the giant Johan Sverdrup oil field.

Subsea energy services company Ocean Installer, which has its headquarters in Stavanger, Norway, said it was awarded contracts to help advance the Johan Sverdrup oil field toward development. Ocean Installer CEO Steinar Riise said in a statement that his company is already involved in "widespread" work with Statoil.

"Project management and engineering will be based at Ocean Installer's headquarters in Stavanger and commence with immediate effect," the company stated.

Johan Sverdrup is one of Norway's five largest offshore oil fields, and contains an estimated 3 billion barrels of oil

Statoil is the majority owner of the project, holding 40 percent working interest. Lundin Norway holds 22.6 percent of the venture, while remaining partners Petoro and Maersk Oil hold 17.36 percent and 8.44 percent, respectively.

Phase 1 of the field's development is currently underway, with the first deliveries expected to begin in late 2019. Industrial partners will begin moving forward with Phase 2 in the second half of 2018.

Contracts worth more than $5.7 billion have been awarded for the project so far, with more than 70 percent of them going to Norwegian companies.

For Norwegian oil and gas production, the country's central bank said the peak was passed more than a decade ago, though the sector as a whole may have been underestimated. On the labor front, some recent gains were reported in the oil and gas sector, though increases were coming off historic lows. Construction and communication trades were among the brighter spots for employment.

Tweet

Mattis affirms US-Qatar cooperation: Pentagon
Washington (AFP) July 7, 2017
US Defense Secretary Jim Mattis reaffirmed America's strategic security partnership with Qatar on Thursday, the Pentagon said, amid a diplomatic crisis in the Gulf. It was also announced that Secretary of State Rex Tillerson will travel to Kuwait - one of the countries angry at Qatar in the spat - on July 10 at the invitation of Kuwait to discuss the row. Mattis, who spoke with his Qat ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only