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First oil achieved 2 months early at North Sea Johan Sverdrup Field

07/10/2019
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Production has begun on Phase 1 of the giant Johan Sverdrup field in the North Sea, more than two months ahead of schedule and 30% under budget.

Phase 1 should reach 440,000 barrels per day by summer 2020
(Image via Equinor)

Operated by Equinor, the project is the largest development on the Norwegian Continental Shelf since the 1970s. $10.5 billion of investment has been put into it by a partnership including Lundin Norway (with a 20% share), Petoro (17.36%), Aker BP (11.5733%) and Total (8.44%).

Production wasn’t originally scheduled to begin until December, but after being given the green light by the Norwegian Petroleum Directorate in September, Equinor advanced the date and were able to produce first oil on the 5th of October.

First phase peak oil should plateau at 440,00 bpd, which is expected to be reached by next summer. 

“Sverdrup coming on stream is a momentous occasion for Equinor, our partners and suppliers,” said the company’s chief executive officer Eldar Saetre.

“At peak, this field will account for around one third of all oil production in Norway and deliver very valuable barrels with record low emissions.”

Johan Sverdrup is the largest field discovered on the Norwegian Continental Shelf since the 1970s
(Image via Total)

Located 150km off the coast of Norway, the field’s total recoverable reserves amount to 2.7 billion barrels of oil equivalent - the highest volumes seen from a single North Sea field in years. 

Phase 2 is already under development, with the intention of increasing production to 660,000 bpd by the end of 2022. 

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First oil achieved 2 months early at North Sea Johan Sverdrup Field - Time to read 2 min
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