News

Norwegian shelf giant on stream

[08.10.19]
On 2 October, production started from the giant Johan Sverdrup field, which is owned by Equinor, Lundin Norge, Petoro, Aker BP and Total. Production started more than two months ahead of the original plan and 40 billion kroner under the original budget.
“The Johan Sverdrup start-up represents an important milestone for Norway. Production from the field will account for around one-third of all oil production in Norway at the field’s plateu. This production has both record-low emissions and extremely low costs,” says Petoro’s president and CEO Grethe Moen.

The break-even price is under 20 dollars per barrel, and the field’s operating costs will be less than 2 dollars per barrel when the field is producing at plateau. Johan Sverdrup is operated with power from shore and has CO2 emissions under 1 kg per barrel, which is a record-breaking low.

Johan Sverdrup is expected to generate revenues totalling more than 1400 billion kroner, where more than 900 billion kroner will go to the Norwegian State.

“Development of the field has been one long success story. And when production starts several months ahead of schedule, this will further enhance the value of the field, while also highlighting the fantastic job Equinor has done as operator together with the rest of the partnership, to end up where we are today,” says a proud Grethe Moen.

Read more about Johan Sverdrup here

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