Norway's Equinor reduced its estimated investments for operated projects in the development phase on the Norwegian continental shelf by NOK 30 billion ($3.6 billion) since development plans were submitted to the Norwegian authorities, the company announced on Monday.
According to Equinor, this revision relates to the status of Norwegian projects under development and which have been published in the government’s national budget proposal for 2019.
'We have successfully reduced the investment estimates by approximately NOK 30 billion since submitting to the authorities. The improvements have been achieved in close collaboration with our partners and suppliers, and are mainly a result of increased drilling efficiency, simplification and high-quality project implementation,' said Margareth Ovrum, Equinor’s executive vice president for Technology, Projects and Drilling.
Equinor-operated projects that are included in the reporting to the national budget include; Aasta Hansteen, Bauge, Johan Castberg, Johan Sverdrup fase 1, Martin Linge, Njord Future, Oseberg Vestflanken 2, Snorre Expansion, Trestakk and Utgard.
By Murat Temizer
Anadolu Agency
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