Equinor and partners approve $1.3 Billion Johan Sverdrup Oilfield Expansion

Equinor, a Norwegian oil company, and its partners approved an investment of 13 billion Norwegian crowns ($1.29 billion), for the expansion at Johan Sverdrup. This is the largest oilfield in western Europe.

Equinor's partner Aker BP and Equinor said separately that the project will increase recoverable volume from the field between 40 and 50 millions barrels of oil-equivalent.

They added that production from new subsea oil wells connected to existing infrastructure should begin in the fourth-quarter of 2027.

Every third barrel of crude oil produced on the Norwegian continental shelf is now from the fields. Phase 3 will help maintain high production at Johan Sverdrup for years to come, Equinor stated in a press release.

The field produced more than 700,000. barrels per day last year. This is the highest oil production of any Norwegian field.

Norway is responsible for 2% of the global oil production.

Equinor is the operator of the Johan Sverdrup field. Aker BP has a stake of 31.57%. Norwegian state-owned oil company Petoro holds 17.36%. TotalEnergies, based in France, owns the remaining 8.44%.

Equinor, a company owned by the Norwegian government, has said that it submitted its plan for approval to the Norwegian government.

(source: Reuters)