(MENAFN) Norway approved the development of the Johan Sverdrup gas field in the North Sea, with the first phase alone estimated at USD14.4 billion. The project will reflect a huge boost to the country's weakening oil sector.
Norway's oil and gas account for about 20 percent of the economy, and due to the fall in oil prices, oil companies have limited their investments, and more than 20,000 jobs have been cut in the sector since the start of 2014.
Johan Sverdrup will begin production at the end of 2019, and it's expected to create 51,000 direct and indirect jobs, contracts worth USD4.8 billion have already been awarded, according to Norwegian oil group Statoil.
Oil production is expected to be between 315,000 and 380,000 barrels per day during the first phase, before reaching 550,000 to 650,000 once the field is completely developed.
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