The Norwegian energy group Equinor has started the second phase of its Johan Sverdrup oil field, the third largest oil field on the Norwegian Continental Shelf (NCS) with recoverable reserves estimated at 2.7 Gboe. The first phase came on stream in October 2019 and with the start up of the second phase worth NOK48bn (€4.6bn), the field is now entirely operational. At plateau, the field will produce 720,000 bbl/d of oil with a target to rise to 755,000 bbl/d. Its oil production is transported by pipeline to Mongstad, whereas the gas is piped to Kårstø, and from there to the continent. Equinor is the operator with a 42.6% stake, in partnership with Aker BP (31.6%), Petoro (17.4%), and Total (8.4%).
Meanwhile, Aker BP and its partners have submitted a total of ten plans for development and operation (PDOs) and one plan for installation and operation (PIO), representing cumulated recoverable resources of over 1.1 Gboe and a total investment of more than NOK200bn (€19bn), to the Norwegian Ministry of Petroleum and Energy (MPE). The proposed developments are grouped into four main areas: Yggdrasil (formerly NOAKA, 650 mboe, total investments of NOK115bn (€11bn), start up in 2027); Valhall PWP – Fenris (formerly King Lear, 230 mboe, NOK50bn (€4.8bn), 2027); Skarv satellite project (120 mboe, NOK17bn (€1.6bn), 2027), and Utsira High (124 mboe, NOK21bn (€2bn), 2026-2027). These development projects will enable Aker BP’s oil and gas production to rise from around 400,000 bbl/d in 2022 to around 525,000 bbl/d in 2028.