05/23/2023 | News release | Distributed by Public on 05/23/2023 10:36
The North Sea's biggest oil field Johan Sverdrup now has the capacity to produce as much as 755,000 b/d of crude.
Norway's state-controlled Equinor, which operates the Norwegian field, said it performed a successful test confirming the increased capacity this week, marking a 35,000 b/d rise from the field's previous capacity. Equinor said it aims to maintain crude production "towards this level going forward".
Johan Sverdrup came on stream in October 2019. A second phase started in mid-December last year, raising capacity to 720,000 b/d from 535,000 b/d.
Data from the Norwegian Petroleum Directorate (NPD) show production hit a monthly record of 714,000 b/d in March. Figures for April are not available yet, but Vortexa tracking data suggest exports of the grade exceeded 700,000 b/d last month. Loading schedules show exports will fall to 687,000 b/d in May and 697,000 b/d in June.
John Sverdrup has offered European refiners a similar-quality replacement to Urals since the EU's ban on seaborne Russian crude imports came into effect last year.
European buyers took 95pc of Norway's total crude exports last month, according to customs data.
By Lina Bulyk