Statoil ASA and partners have cut costs to develop the giant Norwegian Johan Sverdrup oilfield by more than 10 percent as a devaluation sweeps through the offshore industry of western Europe’s largest crude producer amid a collapse in prices. Total investments on the North Sea field are now seen at 160 billion kroner ($18 billion) to 190 billion kroner, down from an earlier estimate of 170 billion kroner to 220 billion kroner, Det Norske Oljeselskap ASA, one of the field’s owners, said Monday. The estimate for the first phase was cut to 108.5 billion kroner from 123 billion kroner in nominal terms. “The development costs of the field are expected to decrease further,” the company said in a statement. The Sverdrup field, which holds 1.7 billion to 3 billion barrels of oil and is due to start producing in 2019, is Norway’s biggest offshore development in decades. The development […]