Equinor Increases Estimate For Johan Sverdrup Oil Field

Equinor on Aug. 27 increased its resource estimate for the Johan Sverdrup oil field, the North Sea’s largest discovery in more than three decades, while cutting the cost of development.

The field is believed to hold 2.2 to 3.2 billion barrels of oil equivalent (Bboe), up from a previous forecast of 2.1-3.1 Bboe.

The overall cost of developing the field has been cut to 127 billion Norwegian crowns (US$15 billion), down some 6 billion crowns since February, Equinor said, as it presented its investment plans for the field’s second phase.