EnergyWatch

Oil industry praises Johan Sverdrup

The huge Equinor-led project is unmatched, according to the IEA. Its business potential continues to exceed expectations.

Photo: Nerijus Adomaitis/Reuters/Ritzau Scanpix

In its latest report on the oil market, the International Energy Agency (IEA) praises prospects for oil major Equinor's big endeavor, the Johan Sverdrup field. Prior to extraction commencing, the IEA notes what looks to become "incredible" output volumes of about 225,000 barrels per day (bpd). And that is just the beginning, writes Norwegian business media Dagens Næringsliv.

The IEA views the expected output level of Johan Sverdrup as unmatched. Of course, this regards its long-term potential. As early as next summer, output is expected to land around 440,000 bpd, increasing to 660,000 bpd once phase two is finished. Construction of the second phase is slated to begin in late 2022.

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