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
EQT Closes $3.5B Midstream JV With Blackstone Credit
2024-12-30 - EQT used the $3.5 billion in proceeds from the midstream joint venture deal to pay down debt.
EQT, Blackstone Credit Enter $3.5 Billion Midstream Joint Venture
2024-11-25 - Blackstone Credit & Insurance entered a joint venture with EQT Corp. to take a non-controlling interest in the Mountain Valley Pipeline and other infrastructure from the Equitrans transactions for $3.5 billion.
Howard Energy Clinches Deal for EPIC's Ethylene Pipeline
2025-01-09 - Howard Energy Partners’ purchase of EPIC Midstream Holdings ethylene pipeline comes days after EPIC agreed to sell midstream NGL assets to Phillips 66 for $2.2 billion.
Dow Sells Stake in Gulf Infrastructure Assets to Begin Partnership with Macquarie
2024-12-10 - Macquire and Dow launch Diamond Infrastructure Solutions to service Dow manufacturing sites along the Gulf Coast in a $2.4 billion deal.
Kinder Morgan to Build $1.7B Texas Pipeline to Serve LNG Sector
2025-01-22 - Kinder Morgan said the 216-mile project will originate in Katy, Texas, and move gas volumes to the Gulf Coast’s LNG and industrial corridor beginning in 2027.