Sweden's Lundin Energy, a partner in Norway's giant Johan Sverdrup oil field, said on March 18 it expected the field's production capacity and its reserve estimates to grow in the future.
Production capacity from 2.2 billion to 3.2 billion barrels of oil equivalent (Bboe) field, the largest in western Europe, has been already revised up several times since its startup in Oct. 2019.
The field's Phase 1 production capacity is now expected from mid-2021 to grow to 535,000 barrels of oil equivalents per day (boe/d) from around 500,000 boe/d currently, and it is estimated to reach 720,000 boe/d output when the field's Phase 2 development comes on stream in the fourth-quarter of 2022.
“I expect further upsides [of Sverdrup's production capacity] when we bring the Phase 2 online,” Lundin's CEO Nick Walker told an online conference.
“The [field's] reserves have been estimated conservatively. I expect to see upsides,” he added.
Sverdrup's operator Equinor has said it needed more time to make a new assessment of the field's reserves.
Other partners in the field are Petoro, Aker BP and Total.
Recommended Reading
Offshore Guyana: ‘The Place to Spend Money’
2024-07-09 - Exxon Mobil, Hess and CNOOC are prepared to pump as much as $105 billion into the vast potential of the Stabroek Block.
Trio Co-founder Robin Ross Rejoins Company as Chairman, Board Director
2024-06-20 - Robin Ross became chairman of Trio Petroleum Corp.’s board of directors on June 17.
Supply Disruptions Ahead as Canadian Rail Workers Vote for Strike
2024-05-01 - The union, representing more than 9,000 employees at Canadian National Railway and Canadian Pacific Kansas City, announced that 95% of its members approved of a strike, which could happen as early as May 22.
Berkshire Hathaway Boosts stake in Occidental Petroleum to Nearly 29%
2024-06-19 - Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum.
Franklin Mountain Co-founder Paul Foster Steps Down as ERCOT Board Chair
2024-06-19 - Energy executive Paul Foster, who co-founded Permian E&P Franklin Mountain Energy in 2018, is stepping down as board chairman of the Electric Reliability Council of Texas (ERCOT).