ABB has signed a project specific agreement for the safety and automation system with Statoil for the Johan Castberg offshore oil field development. Statoil has issued the first call-off from the agreement covering front end engineering and design (FEED).
The agreement is the first for the project and includes a right to order the actual system in the event of final investment decision. ABB will contribute with extensive domain knowledge within oil and gas production and optimization, combined with 40 years’ experience in safety and automation systems to the industry.
Engineers from ABB in Norway are performing the FEED in close collaboration with Statoil. The FEED is scheduled to run until Q4 2017, when the final investment decision will take place. Every onshore and offshore oil and gas facility above the Arctic Circle in Norway features safety and automation systems provided by ABB.
Johan Castberg features proven resources of 450 – 650 million barrels of oil. It is estimated to produce oil for more than 30 years at a value of NOK 290 billion, approximately USD 35 billion (2015 value).