NEWS

(Bloomberg) — Norway’s 86 billion kroner ($8.1 billion) Johan Castberg oil development in the Barents Sea has started pumping, the second major field to begin operations in the country’s Arctic waters.

The project, developed by Equinor ASA and partner Var Energi ASA, will reach peak production of about 220,000 barrels of oil a day, Equinor said in a statement on Monday. The cost of the development should be covered in less than two years, with the field’s productive lifetime expected to extend for 30 years.

Read full article here.