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Commercialising Johan Castberg's 580 million barrels of Arctic oil

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Report summary

Marginal economics have led operator Statoil to review the development concept at the 580 million barrel Johan Castberg Area. An inability to commercialise such a large Arctic development could be detrimental to future activity in the area. Lower than expected reserves have resulted in a post tax internal rate of return (IRR) of only 10.4%. This is below the average 17% IRR Wood Mackenzie expects Statoil to achieve from their future probable developments.

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