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Equinor, Aker BP, TotalEnergies, Petoro plan US$1.3Bn investment in Johan Sverdrup
Partners in the largest, most prolific oil field offshore Norway have made a final investment decision for a third phase of development
Equinor and its partners are investing Nkr13Bn (US$1.3Bn) to develop a third phase of the giant Johan Sverdrup field with a network of subsea infrastructure.
The Norwegian state-backed oil company is working with Aker BP, TotalEnergies and the government’s own investment vehicle Petoro to recover 50M barrels of oil equivalent through this seabed network of wells, flowlines, umbilicals and risers.
Out of this investment pot, TechnipFMC has secured a Nkr5.3Bn contract for engineering, procurement, construction and installation of the subsea facilities. Additional contracts, to modify platforms and drill eight wells, will be awarded later in 2025.
“By building on the technologies, solutions and infrastructure from phases 1 and 2 of Johan Sverdrup, we can carry out an efficient development with a rapid start-up of production,” said Equinor senior vice president for project development Trond Bokn.
“The project increases the recovery rate and value creation from Johan Sverdrup, one of the world’s most carbon-efficient oil and gas fields. At the same time, it contributes to stable energy supplies to Europe.”
In phase 3, two new subsea templates will be tied into existing infrastructure via new pipelines, all to be installed over the next three years for first production in Q4 2027.
The subsea facilities’ design was supported by artificial intelligence, which analyses field layouts and well paths, saving Equinor Nkr130M.
Equinor and its partners have submitted a notification to Norwegian authorities in accordance with the existing plan for development and operation and this is subject to regulatory approval.
As Johan Sverdrup represents a third of the nation’s oil output, it will remain highly important to Norwegian energy production and exports for another decade.
“In 2024, Johan Sverdrup set a production record with 260M barrels of oil, the highest annual oil production ever from a Norwegian field,” said Equinor vice president for Johan Sverdrup, Marianne Bjelland.
“Every third barrel of oil from the Norwegian continental shelf now comes from the field. Phase 3 is an important contribution to maintaining high production from Johan Sverdrup in the years to come.”
Equinor aims to maintain high levels of oil and gas production on the Norwegian Continental Shelf into 2035, and Johan Sverdrup phase 3 is one of several projects receiving an investment decision this year to support this ambition.
The expected recovery rate from Johan Sverdrup is 66% and phase 3 is an important step towards achieving Equinor’s ambition of 75%, compared with the average for the Norwegian continental shelf of 47%.
Johan Sverdrup is located in the Utsira High area of the North Sea, 160 km west of Stavanger, in water depths of 110–120 m, covering an area of 200 km2. Production capacity is currently 755,000 barrels per day, approximately one-third of Norway’s total oil production at 2025 levels.
Phase 3 will add two subsea templates in the Kvitsøy and Avaldsnes areas with six well slots each, drilling seven oil production wells and one water injection well, all tied back to existing templates and pipelines to the P2 platform for processing and export.
Equinor has 42.63% of the field and is an operator, Aker BP has a 31.57% stake, Petoro has 17.36% and TotalEnergies 8.44%.
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