Equinor Target Sverdrup Production

Norway's Equinor is looking at a Johan Sverdrup Phase 3 project to keep production at the giant field at current high levels of around 755,000 b/d, the company confirmed July 26.

• The ramp up of the second phase began in December 2022.
• In May, Equinor said successful tests on the Phase 2 facilities meant it could keep Sverdrup production close to 755,000 b/d for an undetermined period.
• "We are already thinking about Johan Sverdrup Phase 3. It is not sanctioned, of course, but the whole purpose of that is to capitalize on the existing infrastructure and to prolong this plateau of 755,000 b/d. Clearly a priority ... to prolong that as long as we can," the company said.
• Platts assessed Sverdrup crude at a $2.59/b premium to North Sea Dated Brent on July 25 being driven higher recently as Atlantic buyers look for sour crude alternatives because of OPEC+ cuts which are tightening the market.