The impact was felt both in Singapore, where the hull and living quarters for the production vessel were constructed, and at Norwegian yards constructing modules for the production facility.Discover a world of excitement with our vast collection of free online games, conveniently accessible with no downloads required. The company further said that infection control measures and reduced access to labour in connection with the Covid-19 pandemic also affected the project. With a breakeven of around $35 per barrel, Johan Castberg will provide substantial revenue and ripple effects to the community from the Barents Sea for 30 years.'

However, Johan Castberg is still a good project with a solid economy. Geir Tungesvik, Equinor's executive vice president for Projects, Drilling & Procurement, said, 'Costs are increasing due to a larger than expected scope of work and cost increases in the industry, we take this seriously. In addition, the project has not progressed as planned.ĭrilling and completion costs have also increased due to the market cost development of the marine operations. According to the company, the growth in investment estimate was mainly due to workload transferred to Stord being more comprehensive and complex than estimated. The Johan Castberg hull, including living quarters, was transported from Singapore to Stord in 2022 for installation and commissioning. Project costs have risen by 15.5 billion kroner, in addition to a currency effect of just above 7 billion kroner. The project cost estimate is now 80 billion kroner, compared to previous estimate of 57 billion kroner in 2017, when the plan for development and operation or PDO was submitted.

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