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Increased value creation, more resources and greater ripple effects from Johan Sverdrup

Equinor and Petoro, Aker BP and Total submitting the development plan.


Stavanger, August 28 - Neftegaz.RU. Equinor and the Johan Sverdrup partnership of Lundin Norway, Petoro, Aker BP and Total, are submitting the development plan for the second phase of the project to the Norwegian Ministry of Petroleum and Energy. 

 

With an increased resource estimate and lower investment costs, the full field development of Johan Sverdrup will contribute to even greater value creation. At the same time, the ripple effects from the project will be larger than previously estimated. Low CO2 emissions make Johan Sverdrup one of the world’s most carbon-efficient fields.

 

«The Johan Sverdrup field is the largest field development on the Norwegian shelf since the 1980s. At plateau, the field will produce up to 660,000 barrels per day, with a break-even price of less than $20 per barrel and very low CO2 emissions of 0,67 kg per barrel. Johan Sverdrup is on track to deliver vast volumes of energy with high profitability and low emissions for many decades to come,» says Eldar Sætre, Equinor CEO.

 

«Today we are announcing an increased resource estimate and we are reducing the total estimated investment for both Phase 1 and Phase 2 of the development by an additional NOK 6 billion since February of this year. Since the PDO for the 1st phase in 2015, we have reduced the total estimated investment for Johan Sverdrup full field development by more than NOK 80 billion. The project will yield even greater value creation and larger spin-off effects than previously estimated,» says Sætre.

 

Production start-up for the Phase 2 development is planned for Q4 2022.

 

Source : Neftegaz.RU