Sweden's Lundin Energy, a partner in Norway's giant Johan Sverdrup oil field, said on March 18 it expected the field's production capacity and its reserve estimates to grow in the future.
Production capacity from 2.2 billion to 3.2 billion barrels of oil equivalent (Bboe) field, the largest in western Europe, has been already revised up several times since its startup in Oct. 2019.
The field's Phase 1 production capacity is now expected from mid-2021 to grow to 535,000 barrels of oil equivalents per day (boe/d) from around 500,000 boe/d currently, and it is estimated to reach 720,000 boe/d output when the field's Phase 2 development comes on stream in the fourth-quarter of 2022.
“I expect further upsides [of Sverdrup's production capacity] when we bring the Phase 2 online,” Lundin's CEO Nick Walker told an online conference.
“The [field's] reserves have been estimated conservatively. I expect to see upsides,” he added.
Sverdrup's operator Equinor has said it needed more time to make a new assessment of the field's reserves.
Other partners in the field are Petoro, Aker BP and Total.
The biggest increase is set to come from the Permian Basin, where oil output is expected to reach its highest since April 2020, the EIA said in a monthly forecast.
The crude oil production decline was the second consecutive slip, following a fall in January, according to data from the U.S. Energy Information Administration.
The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 55,000 bbl/d to a fresh peak at 4.23 million bbl/d in July.