Oil production at Norway’s giant Johan Sverdrup oil field has risen to about 350,000 barrels per day (bbl/d), operator Equinor told Reuters on Dec. 3.
The North Sea field, which began output on Oct. 5, is now western Europe’s largest oil producer with output exceeding fields such as Equinor’s Troll and ConocoPhillips’ Ekofisk in Norway and Britain’s Buzzard, operated by a unit of China’s CNOOC.
The production ramp-up is progressing “very well” and Equinor’s goal of reaching phase-one capacity of 440,000 bbl/d in the summer of 2020 remains unchanged, said Arne Sigve Nylund, the company’s head of Norwegian output.
Equinor’s partner Lundin Petroleum, which discovered Sverdrup in 2010, has said two to four new production wells could be needed to reach full capacity. Eight wells were drilled before the field’s startup in October.
Svedrup’s oil loading program showed 19 cargoes are expected in January, bringing the total to 11.8 million barrels, or 381,000 bbl/d, up from an expected 337,000 bbl/d in December, analysts at DNB Markets said last week.
Daily production is expected to peak at 660,000 barrels after phase two development comes on stream in late 2022.
At its peak, Sverdrup is expected to produce about 30% of all oil on the Norwegian Continental Shelf, Equinor has said.
Equinor holds a 42.6% stake; Lundin, 20%; Petoro, 17.36%; Aker BP, 11.57% and Total, 8.44%.
Recommended Reading
BOEM Adjusts Monetary Penalties for Oil, Gas Companies
2024-01-25 - BOEM’s adjustment is based on a 2015 act that requires annual inflation adjustments.
Operators Urge Feds to Delay Impending Helium Reserve Sale
2024-01-24 - The government is opening sealed bids for the Federal Helium Reserve this week. Operators and stakeholders of the system worry that the helium supply chain could shut off after changing hands to a private owner.
Louisiana ‘Ready to Roll’ After EPA Grants Authority Over CCS Wells
2024-01-04 - Louisiana’s Office of Conservation is “staffed up and ready” after the EPA granted the state oversight of carbon sequestration wells.
Battalion Oil Non-compliant with NYSE American
2024-01-10 - Battalion Oil expects to soon regain compliance with NYSE American’s continued listing standards following the annual meeting of stockholders in February.
California Reaming: Laws Spark Rancor, $6B in Chevron, Exxon Write Offs
2024-01-08 - Chevron and Exxon are set to write off billions of dollars worth of California assets because of strict laws and regulations that the companies say won’t change oil consumption but will shift profits to foreign producers such as Saudi Arabia.