Oslo — Equinor’s Johan Castberg Arctic oilfield will cost 10.7% more to develop than expected a year ago, and will start production later than expected, primarily due to the pandemic, the Norwegian government’s fiscal budget showed on Tuesday.
The project to produce between 400 million and 650 million barrels of oil is now seen costing 59.1 billion crowns ($6.91 billion), up from a 53.4 billion estimate a year ago. It is expected to come on stream in the fourth quarter of 2024, according to the document, later than the previous forecast for a start towards the end of 2023.
- Reuters (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)
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