Equinor and its partners are investing US$1.29bn in the third phase of Johan Sverdrup, Western Europe’s largest producing oilfield. The development includes two new subsea templates that will be connected to the existing infrastructure via new pipelines. This new infrastructure is expected to increase recovery by 40–50 Mboe, with production scheduled to begin in the fourth quarter of 2027.
Equinor, the operator of the field, holds a 42.63% stake in Johan Sverdrup, while Norwegian company Aker BP owns 31.57%, the Norwegian state-owned oil firm Petoro holds 17.36%, and France’s TotalEnergies owns the remaining 8.44%. Equinor has submitted the development plan to the Norwegian government for approval.
In 2024, Johan Sverdrup set a production record of 260 mbl, marking the highest annual oil production ever recorded from a Norwegian field. Norway produced around 2 mb/d of crude oil and NGL in 2024.