Johan Sverdrup Increasing Production Capacity
Equinor (NYSE: EQNR) revealed Wednesday that the Johan Sverdrup field is increasing its daily production capacity to around 500,000 barrels of oil by the end of the year, which it highlighted is around 60,000 barrels more than the original basis when the field came on stream.
The company said it and its partners had tested the plant capacity in November to verify a possible production rise. The test results were said to have been “very positive”, according to Equinor.
Production capacity at Johan Sverdrup, which came on stream just over a year ago, currently sits at 470,000 barrels per day. The project’s second phase is said to be on schedule, with production start-up scheduled in the fourth quarter of 2022. Equinor noted that the latest capacity increase means the project’s plateau production capacity is expected to rise from 690,000 barrels per day to around 720,000 barrels per day.
“As Johan Sverdrup is a field with high profitability and low CO2 emissions, a production rise is great news,” Jez Averty, Equinor’s senior vice president for operations south in development and production Norway, said in a company statement.
“The field has low operating costs, providing revenue for the companies and Norwegian society, even in periods with low prices,” Averty added.
Equinor holds a 42.6 percent operated stake in Johan Sverdrup. Lundin Energy Norway holds a 20 percent interest, Petoro holds a 17.36 percent stake, Aker BP holds an 11.5733 percent interest and Total holds an 8.44 percent interest.
Johan Sverdrup is the third largest oil field on the Norwegian continental shelf, with expected resources of 2.7 billion barrels of oil equivalent, according to Equinor’s website. When production at the field is at plateau, it will make up 30 percent of all Norwegian oil production, Equinor’s website shows.
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