Norway’s largest oilfield, Johan Sverdrup, is expected to come off its production peak by early 2025, according to operator Equinor. The field, a cornerstone of Norway’s oil output since it started production in 2019, hit a record daily production of over 756,000 barrels in September. This represents about 6-7% of Europe’s daily oil consumption, making Johan Sverdrup a critical player in the region’s energy supply.
Since its inception, the field has produced a billion barrels of oil, and Equinor expects it to remain an essential resource for years. The total recoverable reserves are estimated at nearly 3 billion barrels of oil equivalent, including some gas. However, as the field’s production peaks, there are growing concerns about Norway’s ability to maintain its oil output at high levels.
Equinor and its partners Aker BP, Petoro, and TotalEnergies will face challenges in continuing strong production beyond the Sverdrup plateau. Norway’s oil industry has relied heavily on the Johan Sverdrup field, which produces around one-third of the country’s oil.
Norway remains committed to being a key energy supplier to Europe, with the field continuing to play a pivotal role. Still, the country will need more exploration and investment to maintain its oil and gas levels beyond 2030. Equinor has emphasized the importance of exploring new fields and tying them back to existing infrastructure, though it is also expanding its renewables portfolio as part of a broader transition to cleaner energy sources.
Also on Thursday, Equinor posted an adjusted net income of $2.191 billion during the last quarter, “supported by an increase in gas prices” but more than offset by the impact of lower production levels, liquids prices and increased costs when compared to the same quarter in the prior year.”
Equinor hit a production record at Johan Sverdrup in Q3, the company added on Thursday.
By Julianne Geiger for Oilprice.com
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Publish date : 2024-10-24 09:32:00
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