The Norwegian Ministry of Petroleum and Energy (MPE) has approved the plan for development and operation (PDO) of the second phase of the Johan Sverdrup oil field development submitted by national oil and gas group Equinor.
Johan Sverdrup is the largest field development on the Norwegian continental shelf (NCS) since the 1980s, with resources estimated at 2.1-3.1 Gboe. It is developed by Equinor (40%, operator), Lundin (22.6%), Petoro (17.4%), Aker BP (11.6%) and Total (8.4%). The first phase worth NOK 86bn (€8.8bn) is 90% complete and is expected to begin production in November 2019. The second phase of the development, worth NOK 41bn (€4.2bn), will include the construction of a new processing platform (P2), modifications of the riser platform, and five subsea systems. Oil production from the second phase is expected to start up in the fourth quarter of 2022. Phase 2 will increase the field production from 440,000 bbl/d to 660,000 bbl/d, for a break-even price below US$20/bbl.