A partner in giant Johan Svedrup oil field off the coast of Norway said the initial estimate of expense for the first phase of operations was cut by $1 billion. An initial development plan submitted in February to the Norwegian government called for first-phase capital expenditures of $14.7 billion. Det Norske, a project partner, said lead developer Statoil lowered the estimate by about $1 billion. “The updated estimate is showing reduced capital expenditures as a result of positive market response in contracts and purchase orders,” the company said in a statement. The Norwegian government signed off on Statoil’s initial development plans for the giant Johan Sverdrup oil field in August. First oil is expected late 2019. The first phase of operations should yield […]