Johan Sverdrup phase 2: - A new milestone for Norway's largest industrial project

- This is an important day for Norway. The Sverdrup project is by far Norway's largest industrial project, and is estimated to generate more than NOK 900 billion in future revenues to the state. The development has been of great importance during a tough period for the oil service industry. It provides jobs and ripple effects throughout the country. Phase 1 and 2 combined can create up to 150.000 man-years in the period to 2025, says Søviknes.

Phase 2 includes a new process platform linked to the field center, 5 new subsea templates and 28 wells. The development will be based on power from shore, not only to Johan Sverdrup, but also to the fields Edvard Grieg, Ivar Aasen and Gina Krog. This will enable the fields to produce with low CO2-emissions.

On Monday Søviknes receives the development plans for Johan Sverdrup phase 2. The handover takes place at ONS 2018 in Stavanger under the presence of His Royal Highness Crown Prince Haakon and the Mayor of Stavanger.

- The development costs for the Sverdrup development as a whole have been significantly reduced, the project remains on schedule and the reserves have increased. This is impressive in light of the magnitude of the project, and good news for Norway as a whole. The Ministry will now start to process the development plans, says Søviknes.

Background
• The Johan Sverdrup-field is located in the North Sea approximately 150 km from shore.

• Production start-up is expected to take place for phase 1 in 2019 and phase 2 in 2022.

• The power from shore project includes the fields Johan Sverdrup, Edvard Grieg, Ivar Aasen and Gina Krog .

• The partnership in the Johan Sverdrup Unit consists of Equinor Energy AS (operator, 40,0267 pst.), Lundin Norway AS (22,6000 pst.), Petoro AS (17,3600 pst.), Aker BP ASA (11,5733 pst.), Total E&P Norge AS (8,4400 pst.).