Minister of Petroleum and Energy, Mr. Terje Søviknes says that the development plans for Johan Sverdrup Phase-2 would be the new milestone for Norway’s largest Industrial Project.
The project will provide employment and ripple effects across the country. It is estimated to generate more than NOK 900 billion in future revenues of the state. It includes new process platform linked to the field center, 5 new subsea templates, and 28 wells. Phase-1 and Phase-2 together can create up to 150.000 man-years in the period to 2025, says Søviknes.
The development process is based on power from shore to mainly Johan Sverdrup field, which is located in the North Sea, approximately 150 km from the shore and to 3 other fields including Edvard Grieg, Ivar Aasen, and Gina Krog. It will also enable the fields to produce with low CO2 emissions.
Søviknes will receive the development plans on Monday. The venue would be ONS 2018 in Stavanger under the presence of His Royal Highness Crown Prince Haakon and the Mayor of Stavanger.
There is a remarkable reduction in the development costs, the project is as per the schedule and reserve have increased. According to Søviknes, the Ministry will now start to process the development plans.
This is a very impressive and good news for the nation as a whole. The production start-up for Phase-1 is in 2019 and for Phase-2 it is 2022. The partnership in the unit will consist of Equinor Energy AS (operator, 40,0267 pst.), Lundin Norway AS (22,600 pst.), Petoro AS (17,3600 pst.), Aker BP ASA (11,5733 pst.), and Total E&P Norge AS (8,4400 pst.).