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Maersk Oil and partners in the Statoil-operated Johan Sverdrup development have agreed to proceed with the front end engineering design (FEED) for Phase 2 of the giant, world-class Norwegian project.
The investment decision and submission of the plan for development and operation (PDO) of Phase 2 is expected in the second half of 2018. Phase 2 is scheduled to come on stream in 2022. Phase 1 of Johan Sverdrup is under development, with first oil scheduled for late 2019.
Phase 1 of the development establishes a field centre consisting of four platforms on the field. Phase 2 builds on this infrastructure, adding another processing platform to the field centre. Overall this will result in an increase in processing capacity from 440,000 boepd (barrels of oil per day) in Phase 1, to 660,000 boepd for the full field (Phase 1 and 2 combined).
Phase 2 also includes the development of the Avaldsnes (east), Kvitsøy (south) and Geitungen (north) satellite areas to be phased in for processing and export on the field centre. In total, 28 new wells are planned for the Phase 2 development.
The Phase 2 concept also includes the establishment of an area-wide solution for ‘power from shore’ for the Utsira High by 2022.
Capital expenditure for Phase 2 is estimated at between NOK 40 – 55 billion*. Full-field development breakeven price is now less than USD 25 per barrel.
“Together with partners and the operator, Statoil, I am proud that Maersk Oil has played a full part in optimising this world-class development and enhancing value for Norwegian society,” says Gretchen Watkins, Maersk Oil CEO.
“To date, Johan Sverdrup has been a reference case for world-class project execution. We aim to continue demonstrating this as we look ahead to delivering first oil in Phase 1 and setting ourselves up for further success in Phase 2.”
For full project details and contract awards please refer to www.Statoil.com *(NOK billion nominal, fixed currency and excluding IOR)
Maersk Oil is an international oil and gas company with operated production of over 500,000 barrels of oil equivalent per day. Our production comes from Denmark, the UK, Qatar, Kazakhstan, the US Gulf of Mexico and Algeria. Exploration and development activities are on-going in Angola, Norway, Kenya, Ethiopia, Brazil, Kurdistan Region of Iraq and in the producing countries.
Turning complex and challenging fields into commercial successes has been the cornerstone of Maersk Oil’s business since 1962.
Maersk Oil focuses on pioneering technologies and harnessing talent to continue to operate safely and successfully, creating value for partners and host governments.
A.P. Moller - Maersk is an integrated transport & logistics company with multiple brands and is a global leader in container shipping and ports. Including a stand-alone Energy division, the company employs roughly 88,000 employees across operations in 130 countries.
For more information about Maersk Oil, please visit the website at www.maerskoil.com.