Norwegian energy company Equinor and its joint venture partners have agreed to invest $1.29 billion to expand the Johan Sverdrup oilfield, currently the most productive oilfield in Western Europe.
The expansion is aimed at boosting recoverable resources by 40 to 50 million barrels of oil equivalent (mmboe) from Phase 3 of the field. It is expected to start production in the fourth quarter of 2027 (Q4 2027) utilizing new subsea wells that are connected to an existing infrastructure.
“By building on the technologies, solutions, and infrastructure from phases 1 and 2 of Johan Sverdrup, we can carry out an efficient development with a rapid start-up of production. The project increases the recovery rate and value creation from Johan Sverdrup, one of the world’s most carbon-efficient oil and gas fields. At the same time, it contributes to stable energy supplies to Europe,” said Trond Bokn, senior vice president for project development at Equinor.
“Every third barrel of oil from the Norwegian continental shelf now comes from the field. Phase 3 is an important contribution to maintaining high production from Johan Sverdrup in the years to come,” says Marianne Bjelland, vice president for Johan Sverdrup. Equinor broke a production record last year with 260 million barrels (mmbbls) in 2024, averaging over 700,000 barrels per day (bbl/d).
Equinor leads the project with a 42.63% stake, followed by Aker BP (31.57%), Petoro (17.36%), and TotalEnergies (8.44%).
Furthermore, TechnipFMC has been awarded the contract for engineering, procurement, construction, and installation (EPCI) for the subsea development. Additional contracts, including platform modifications and the drilling of eight wells, are planned to be awarded later in 2025.
