Equinor begins production from $13.6bn Johan Sverdrup project

07/10/2019 09:09 Oil Market

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Equinor and its partners have started production from the phase 1 of the NOK124bn ($13.63bn) Johan Sverdrup project in the Norwegian part of the North Sea.

The Norwegian oil and gas giant said that the first oil from the Johan Sverdrup project phase 1 has been achieved more than two months ahead of the original schedule and NOK40bn less than the estimated budget in the plan for development and operation (PDO).

 

Equinor said that the investment costs for the first phase of the offshore oil project have come down to NOK83bn ($9.13bn).

 

The production capacity of the phase 1 of the offshore Norwegian oil project is 440,000 barrels of oil per day.

 

The offshore Norwegian field is estimated to hold recoverable reserves of 2.7 billion barrels of oil equivalent. Once fully developed, the Johan Sverdrup field can give an output of up to 660,000 barrels of oil per day at peak.

Source: nsenergybusiness.com

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