Equinor ASA and its companions have agreed on a NOK-13 billion ($1.29 billion) funding to proceed with the third part of Johan Sverdrup to extend recoverable volumes from the North Sea area by 40-50 million barrels of oil equal (boe).
The bulk state-owned power main mentioned Tuesday the consortium had submitted a improvement plan to Norwegian authorities. Section 3 is focused to start out manufacturing 2027.
Section 3 is designed to have two new subsea templates within the Avaldsnes and Kvitsoy areas, every with six nicely slots. Nonetheless, part 3 would solely develop eight wells, consisting of seven for manufacturing and one for water injection. These wells can be tied again to current templates and pipelines to the P2 platform for processing and export.
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Trond Bokn, senior vp for venture improvement at Equinor, mentioned, “By constructing on the applied sciences, options, and infrastructure from phases 1 and a couple of of Johan Sverdrup, we will perform an environment friendly improvement with a speedy start-up of manufacturing. The venture will increase the restoration fee and worth creation from Johan Sverdrup, one of many world’s most carbon-efficient oil and gasoline fields”.
“On the identical time, it contributes to secure power provides to Europe”, Bokn added.
The corporate mentioned, “To make sure optimum useful resource utilization, the venture leveraged synthetic intelligence to investigate area layouts and nicely paths. This know-how has enabled quicker decision-making and resulted in price financial savings of NOK 130 million for the part 3 venture”.
“The venture additionally facilitates future worth creation at Johan Sverdrup by including further nicely slots, and alternatives for connecting extra subsea templates”, Equinor added.
Newcastle, England-based TechnipFMC PLC received part 3’s engineering, procurement, development and set up contract, valued NOK 5.3 billion.
“Extra contracts, together with platform modifications and the drilling of eight wells, are deliberate to be awarded later in 2025”, Equinor mentioned.
Johan Sverdrup spans 200 sq. kilometers (77.22 sq. miles) within the Utsira Excessive space on Norway’s aspect of the North Sea. The sector sits about 160 kilometers (99.42 miles) west of Stavanger in waters roughly 110-120 meters (360.89-393.7 ft) deep.
At present Johan Sverdrup has a manufacturing capability of 755,000 boe a day, about one-third of the Nordic nation’s oil manufacturing, based on Equinor. Final 12 months Johan Sverdrup reached a file manufacturing of 260 million barrels of oil, the very best annual output from a Norwegian area, based on Equinor.
“The anticipated restoration fee from Johan Sverdrup is already world-class at 66 %”, it mentioned. “The part 3 venture is a vital step in the direction of attaining our ambition of 75 %. The common for the Norwegian continental shelf is 47 %”.
Equinor operates Johan Sverdrup with a 42.6267 % stake via Equinor Power AS. Aker BP ASA owns 31.5733 %. State-owned Petoro AS holds 17.36 %. TotalEnergies EP Norge AS has 8.44 %.
To contact the creator, e-mail jov.onsat@rigzone.com
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