Name of the Project
Johan Sverdrup oilfield development.

Location
Norwegian continental shelf, Norway.

Project Owner/s
Equinor (42.6267%), Lundin Norway (20%), Petoro (17.36%), Aker BP (11.5733%) and Total (8.44%).

Project Description
Johan Sverdrup is one of the five biggest oilfields on the Norwegian continental shelf. It has recoverable reserves of 2.7-billion barrels of oil equivalent and the full field can produce up to 660 000 bbl/d at peak. Powered with electricity from the shore, the field has record-low carbon dioxide emissions.

The project will be developed in two phases.

Phase 1 includes the development of utility and living quarters, as well as processing, drilling and riser platforms; three subsea installations for water injection; power from shore; and an export pipeline for oil (Mongstad) and gas (Kårstø). Phase 1 will have a production capacity of 400 000 bbl/d.

Phase 2 includes the development of another processing platform for the field centre and the Avaldsnes, Kvitsøy and Geitungen satellite areas, in addition to power from shore to the Utsira High by 2022. Phase 2 is expected to take production to 660 000 bbl/d, when production is at its peak. An area-wide solution for power from shore to the Utsira High area is an integrated part of the Phase 2 development, where another power converter will be installed on the new processing platform.

Potential Job Creation
The field could generate employment of more than 3 400 person-years during the operations phase and between 2015 and 2025 person-years during the construction phase.

Johan Sverdrup could generate more than 150 000 person-years in Norway.

Capital Expenditure
Since the plan for development and operation was approved in August 2015, investment costs for the first phase of the development have been reduced by Nkr40-billion to NKr83-billion.

Phase 2 is expected to cost NKr45-billion.

Planned Start/End Date
Phase 1 started in October 2019.

Phase 2 of the development was approved by Norwegian authorities in May 2019, with production startup expected in the fourth quarter of 2022.

Latest Developments
The Johan Sverdrup field is expected to increase its daily production capacity up to 535 000 bbl/d of oil by mid-2021 – about 100 000 bbl more than the original basis at startup in October 2019.

Equinor and its partners tested the plant capacity in November 2020 to verify a possible production rise. Rates of up to 535 000 bbl/d of oil were tested.

The capacity increase depends on water injection, which is planned for this year.

This will be the third capacity increase since the field came on stream in October 2019.

The Johan Sverdrup field is powered from shore with very low carbon dioxide emissions per barrel. In 2020, one barrel of oil produced at the field emitted below 0.2 kg of carbon dioxide – almost 100 times lower than the global average. Emissions during the field life are estimated at less than 0.7 kg carbon dioxide per produced barrel.

Key Contracts, Suppliers and Consultants
Aibel (engineering, procurement and construction, or EPC, of the topside for the second Johan Sverdrup processing platform) and Aker Solutions-Kværner joint venture (EPC of a utility module for the riser platform, field-centre modifications, and installation and hook-up activities related to the Phase 2 development); Allseas (installation of the topsides for the processing platform and the utility and living quarters platform); Heerema Marine Contractors (installation of the two bridges and the flare stack); Aker Solutions (engineering and procurement for the processing platform); Samsung Heavy Industries (construction); K2JV (EPC of the utility and living quarters topside).

Contact Details for Project Information
Equinor, Lise Andreassen Hagir, tel +47 41657507 or email lhagi@equinor.com.
AkerBP investor contact senior IR professional Lars Mattis Hanssen, tel +47 994 9 460.
Lundin Norway, tel +47 67 00 20 00 or email post@lundin-norway.no.
Petoro, tel +47 51 50 20 00.
Total, investor relations, tel +44 207 719 7962 or email ir@total.com.