Norway's Statoil expects North Sea project to produce revenues of $200 million over 5 decades

HELSINKI – Statoil says its large oil field in the North Sea is expected to yield some 1,350 billion kroner ($200 billion) over coming decades, making it one of Norway's most profitable industrial projects.

The Norwegian oil and gas company says the Johan Sverdrup field, first discovered in 2010, is one of the biggest discoveries on the Norwegian continental shelf since the mid-1980s.

Statoil said Monday it will now begin the environmental impact assessment for the field, situated 140 kilometers (90 miles) west off the southwestern coast of Norway.

Statoil expects first-phase investments of up to 120 billion kroner with daily production of up to 380,000 barrels. Peak production is expected to reach some 650,000 barrels per day.

The project is expected to continue over 50 years, with production beginning late-2019.