Norway Decides on Johan Sverdrup Ownership Interests

The Norwegian government has decided how the Johan Sverdrup oilfield in the North Sea will be split up among the participants in the field. Sweden's Lundin Petroleum announced Thursday that it will see an increased unitized interest in Johan Sverdrup.

When the partners in Johan Sverdrup submitted their Plan of Development and Operation for Phase One of the field in February, they also asked the Ministry of Petroleum and Energy to determine the final allocation of the resources.

The apportionment of interests has now been decided after an assessment carried out by the Norwegian Petroleum Directorate, with Statoil holding the greatest share of the field (40 percent). Lundin will see its share increase from 22.1 percent to 22.6 percent, while Petoro, Det norske oljeselskap and Maersk Oil will hold 17.4 percent, 11.6 percent and 8.4 percent respectively.

Det norske CEO Johnny Hersvik commented in a company statement:

"We will now study the decision thoroughly before we decide how to proceed."

Johan Sverdrup is estimated to contain up to 2.9 billion barrels of oil equivalent and is expected to produce up to 650,000 barrels per day during the 2020s. Start-up of the field is scheduled for late 2019.

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