Finance
Equinor, partners approve $1.3 billion Johan Sverdrup oilfield expansion
Published by Global Banking & Finance Review®
Posted on July 1, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 1, 2025
2 min readLast updated: January 23, 2026
Equinor and partners approve a $1.3 billion expansion of the Johan Sverdrup oilfield, aiming to boost production by up to 50 million barrels by 2027.
COPENHAGEN (Reuters) -Norway's Equinor and its partners have approved a 13 billion Norwegian crown ($1.29 billion) investment for the expansion of Johan Sverdrup, western Europe's largest producing oilfield, the company said on Tuesday.
The project is expected to increase recoverable volumes from the field by between 40 million and 50 million barrels of oil equivalent, Equinor and its partner Aker BP said in separate statements.
Production from new subsea wells linked to the existing infrastructure is expected to begin in the fourth quarter of 2027, they added.
"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 said in a statement.
Last year, the field produced a record 260 million barrels of oil, or more than 700,000 barrels per day, the highest annual oil production from any Norwegian field.
Norway accounts for about 2% of global oil output.
Equinor, the field's operator, has a 42.63% stake in Johan Sverdrup, while Aker BP holds 31.57%, Norwegian state-owned oil firm Petoro 17.36% and France's TotalEnergies the remaining 8.44%.
Equinor, which is majority-owned by the Norwegian state, said it had submitted the plan to the government for approval.
($1 = 10.0755 Norwegian crowns)
(Reporting by Stine Jacobsen and Nerijus Adomaitis; Editing by Rachna Uppal)
Equinor and its partners have approved an investment of 13 billion Norwegian crowns, which is approximately $1.29 billion.
Production from the new subsea wells linked to the existing infrastructure is expected to begin in the fourth quarter of 2027.
Norway accounts for about 2% of global oil output.
Last year, the Johan Sverdrup field produced a record 260 million barrels of oil, averaging more than 700,000 barrels per day.
Equinor holds a 42.63% stake, Aker BP has 31.57%, Petoro owns 17.36%, and TotalEnergies holds the remaining 8.44%.
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