Norwegian state-owned Equinor has revised their budget on projects off Norway’s northern coast, saving the state approximately NOK 30 billion ($3.6 billion).
Following a detailed review of the projects, the reduced investment figure is included in the Norwegian government’s 2019 national budget.
According to Equinor’s Executive Vice President for Technology, Projects and Drilling, Margareth Ovrum, cost reductions were achieved by collaborating with “partners and suppliers, and are mainly a result of increased drilling efficiency, simplification, and high-quality project implementation.”
The numbers also factor in the “market effect we have achieved by countercyclical investments,” Ovrum added.
Equinor-operated energy fields that are national budget approved include Aasta Hansteen, Johan Sverdrup Phase 1, Oseberg Vestflanken 2, Martin Linge, Bauge, Njord Future, Snorre Expansion, Utgard, Johan Castberg, and Trestakk.