Equinor said that the Johan Sverdrup oil field operated by it in the Norwegian North Sea has been officially inaugurated by Erna Solberg, the Prime Minister of Norway.

In October 2019, Equinor and its partners Lundin Norway, Petoro, Total, and Aker BP started production from the first phase development of the Norwegian oil field. Since then, its production has been increased to over 300,000 barrels per day, said Equinor.

The second phase development of the Johan Sverdrup oil field is slated to be brought into production in Q4 2022.

Equinor claimed that the Johan Sverdrup oil project could have a total production revenue of more than NOK 1,400 billion ($158.3 billion) while giving the Norwegian state revenue of more than NOK 900 billion ($101.76 billion).

The Johan Sverdrup field, which is located on the Utsira High, has estimated recoverable reserves of 2.7 billion barrels of oil equivalent.

Equinor said that the plan is to draw two-thirds of the oil from the Norwegian field in the next 10 years.

The Johan Sverdrup oil project gets its electricity through a long-term power-from-shore solution, which will help it cut down its CO2 emissions by over 25 million tonnes of CO2 during its operational lifetime.

Eldar Sætre – CEO of Equinor said: “Johan Sverdrup offers both high value creation and record-low emissions, making Johan Sverdrup a future-oriented oil field and part of the solution for reduced emissions. Electrification is an important tool for reaching Norwegian and international climate goals, aiming to reduce our greenhouse gas emissions in Norway by 40% by 2030, and close to zero emissions in 2050.”

The Johan Sverdrup oil field is estimated to produce up to 660,000 barrels of oil per day in full production.

According to Equinor, plateau production from the Johan Sverdrup phase 1 development will be up to 440,000 barrels of oil per day. The Norwegian oil and gas giant expects the milestone to be reached in the summer of this year.

Equinor has an operating stake 42.6% stake in the Johan Sverdrup oil field. Lundin Norway has a stake of 20%, Petoro holds 17.36% stake, while Aker BP and Total hold stakes of 11.5733% and 8.44%, respectively in the Norwegian oil project.

  Aker BP, BP, Eldar Sætre, Equinor, Johan Sverdrup field, Lundin Norway, North Sea, Norway, Petoro, Total