Further improvements on Johan Sverdrup

4. September 2017

Continued quality in project delivery and execution enables Aker BP ASA («Aker BP”) along with the partners in the Johan Sverdrup development to further reduce investment costs for Phase 1 by NOK 5 billion to NOK 92 billion.

Illustration of Johan Sverdrup field

The Johan Sverdrup development passed the halfway mark over the summer, and is now nearly 60% complete, ahead of plan and below budget.

Since the plan for development and operation (PDO) of the Johan Sverdrup field was approved by Norwegian authorities, planned investments for Johan Sverdrup Phase 1 have been reduced by a total of NOK 31 billion (capex numbers in nominal terms based on project currency).

This further strengthens the robustness of the project and increases the value generated by the project for the owners and society.

This investment update for Phase 1 coincides with the assembly operation of the Johan Sverdrup drilling platform which is taking place these days in Klosterfjorden, near Haugesund in Norway. The drilling platform is one of four platforms which makes up the planned field centre for Johan Sverdrup.

Partners in Johan Sverdrup:

  • Statoil 40,0267% (operator)
  • Lundin Norway 22,6%
  • Petoro 17,36%
  • Aker BP 11,5733%
  • Maersk Oil 8,44%

Facts about Johan Sverdrup

  • Johan Sverdrup is one of the five biggest oil fields on the Norwegian continental shelf.
  • With expected resources of between 2.0 – 3.0 billion barrels of oil equivalent, it will be one of the most important industrial projects in Norway over the next 50 years.
  • Johan Sverdrup will be developed in several phases. Concept decision for Phase 2 was made earlier this year and the selected concept consists of another process platform (P2), modifications to the riser platform and subsea wells.
  • Phase 1 is expected to start up in late 2019 with production capacity estimated at 440,000 barrels of oil per day.
  • Phase 2 is expected to start up in 2022, with full field production estimated at 660,000 barrels of oil per day. Peak production on Johan Sverdrup will be equivalent to 25% of all Norwegian petroleum production.