Aker BP, a partner in Norway’s giant Johan Sverdrup oil field, expects a fast ramp-up of production when the initial development phase ends in late 2019, the company’s CEO said Sept. 13.
“I think it will be done in a few months, because the production per well is so high,” Karl Johnny Hersvik told Reuters on the sidelines of an energy conference.
Johan Sverdrup Phase 1 will have capacity to produce 440,000 barrels of oil equivalents per day (boe/d), while the second phase, starting production in 2022, is expected to further boost output to 660,000 boe/d.
Sweden’s Lundin Petroleum, another partner in the Equinor-operated, on Sept. 12 said it expected the field to start producing before November next year.
Equinor has said it expects the field to start in late 2019 but has not provided an estimate for when the first phase could reach full capacity.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Uganda expects to begin producing oil in 2022, its energy minister Irene Muloni said on Feb. 13, indicating a slight delay from the east African country’s revised target of 2021.
U.S. energy firms added oil rigs for a second week in a row even as oil prices fell to 18-month lows and headed for losses of more than 20% this year.