Norway’s largest oilfield, Johan Sverdrup, is expected to reach its production peak by early 2025, according to operator Equinor. Since starting production in 2019, this field has been a vital part of Norway’s oil output. In September, Johan Sverdrup achieved a record daily production of over 756,000 barrels. This amount accounts for about 6-7% of Europe’s daily oil consumption, underscoring its importance in the region’s energy supply.
Since its launch, Johan Sverdrup has produced one billion barrels of oil. Equinor estimates that the total recoverable reserves could reach nearly 3 billion barrels of oil equivalent, which includes some gas. However, as production peaks, concerns are rising about Norway’s ability to sustain high oil output levels.
Equinor, along with its partners Aker BP, Petoro, and TotalEnergies, faces challenges in maintaining strong production after the Sverdrup plateau. Currently, the field provides around one-third of Norway’s oil, making it a cornerstone of the country’s oil industry. Norway is committed to being a key energy supplier to Europe, with Johan Sverdrup playing a crucial role. However, to maintain oil and gas production levels beyond 2030, more exploration and investment will be needed. Equinor highlights the importance of discovering new fields and integrating them with existing infrastructure. The company is also expanding its renewable energy portfolio as part of a shift toward cleaner energy sources.
On Thursday, Equinor announced an adjusted net income of $2.191 billion for the last quarter. This figure was “supported by an increase in gas prices” but was more than offset by lower production levels, declining liquids prices, and increased costs compared to the same quarter last year.
Equinor also reported that the Johan Sverdrup field reached a production record in the third quarter of this year.
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