Norwegian King to open Equinor’s Johan Sverdrup field

On January 7, 2020, the Norwegian King Harald V will perform the official opening of the Equinor-operated Johan Sverdrup field center located offshore Norway. 

Norway’s Prime Minister Erna Solberg and the Minister of Petroleum and Energy Kjell-Børge Freiberg will also be present, Equinor said on Monday.

The official opening will take place at the field center in the North Sea. Equinor and its partners Lundin Norway, Petoro, Aker BP, and Total will invite guests and field center personnel to attend the opening.

The event will start with lunch on board, followed by an official opening ceremony and a guided tour of the field center.

Production on Johan Sverdrup started on October 5 this year. The field is developed in two phases. Norwegian authorities approved phase II of the development in May 2019 with production start-up expected in 4Q 2022.

The field has expected recoverable reserves of 2.7 billion barrels of oil equivalent, and the full field can produce up to 660,000 barrels of oil per day at peak. Powered with electricity from shore, the field has record-low CO2 emissions of well-below 1 kg per barrel.

The break-even price for full-field development is less than $20 per barrel. After reaching a plateau for the first phase, anticipated during the summer of 2020, expected operating costs are below $2 per barrel. The operator also expects cash flow from operations of around $50 per barrel in 2020, based on a real oil price of $70 per barrel, partly as a result of the phasing of tax payments in the ramp-up phase.

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