Equinor ASA EQNR-operated Johan Sverdrup oil field in Norway, which came online ahead of schedule in October, 2019, recently saw growth in its oil production toaround 350,000 barrels per day (bpd).
With this solid surge in production, the oil field giant’s phase one production target of 440,000 bpd for next summer is reiterated. Also, its anticipated maximum output of 660,000 bpd in the second phase, accounting for one third of Norway’s total petroleum production, is unaltered.
Per a trading source, the oil loading program for Johan Sverdrup oil field will comprise 19 cargoes in January, resulting in average shipment of 381,000 bpd.
The oil field, which is one of the largest discoveries on the Norwegian Continental Shelf (NCS), makes the North Sea field western Europe’s largest oil production hub. The output is generated from the vast swathes across Equinor’s Troll and ConocoPhillips’ COP Ekofisk fields in Norway besides Britain’s Buzzard, which is operated by a unit of China’s CNOOC Limited CEO.
At its optimum level of productivity, the Norwegian Continental shelf might churn out 30% oil output from Sverdrup.
It is believed that this start-up of Johan Sverdrup’s first phase will help Equinor revive the spurt in production from its Norwegian fields that suffered a massive setback over the past year and half due to natural decline and technical issues.
In order to check the toxic emissions offshore by 80-90% while delivering valuable barrels, the field will be run by onshore-regulated electrical power.
Equinor currently has a Zacks Rank #3 (Hold) and a 42.6% stake in the Johan Sverdrup development process while Swedish oil producer Lundin Petroleum AB (who discovered the field in 2010) owns 20% interest. The remaining shares are held by TOTAL SA TOT, Aker BP and Petoro. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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