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Johan Castberg will cost $6 billion
Norway’s Statoil (ticker: STO) approved the largest offshore development this year today, approving the Johan Castberg project in the arctic Barents Sea.

Discovered in 2011, Johan Castberg is farther north than Prudhoe Bay in Alaska. Several exploratory wells have indicated the field has significant oil reserves, but its remoteness makes development a challenge. Original plans called for more than $12 billion in capital expenditures, and had a breakeven above $80/bbl. This was good enough before the oil p...

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