Norwegian state-run oil and gas company Equinor (formerly known as Statoil) and its partners Petoro, Aker BP and Total are set to submit the plan for development and operation (PDO) for the second phase of the giant Johan Sverdrup offshore oil project. The production startup for the second phase is currently planned for the last quarter of 2022. Once at plateau production, Johan Sverdrup is scheduled to deliver 660,000 bbl/d with a break-even price lower than US$20/bbl (€17.1/bbl).
So far, the update investment for the first phase has reached NOK86bn (€8.84bn) with the production start expected in November 2019. The resource estimate for the entire Johan Sverdrup field is at 2.2-3.2 Gboe. The field operator is Equinor (40.03%) while the other shareholders are Lundin Norway (22.6%), Petoro (17.36%), Aker BP (11.57%) and Total (8.44%).
Meanwhile, Equinor also submitted plans for its upcoming activities on the Norwegian continental shelf (NCS) and expects to maintain production at current level towards 2030, after which it will enter a more mature phase. The lifetime of 20 installations will be extended while 20-30 exploration wells will be drilled annually.