Markering Johan Sverdrup

Dear everyone!

I am truly happy to take part in the celebration of this outstanding achievement!

Johan Sverdrup is an extremely important field for the Norwegian oil and gas industry, and for the Norwegian society.

It will enable Norway to maintain a stable high production level through the new decade and beyond.

It will also generate an estimated income of  900 billion (milliarder) kroner to the Norwegian State.

This equals 170,000 kroner per Norwegian citizen.
From this field alone!

In addition, Johan Sverdrup produces significant positive ripple effects for the Norwegian society, and for Norwegian companies.

During the development phase Sverdrup will generate over 150,000 man-years in Norway.

And not least, the Sverdrup project has been vital for the Norwegian oil service industry – it came at a crucial time when many companies were facing low activity as a result of the 2014/2015 oil crisis.   

The Sverdrup field is expected to produce for several decades. But due to its high production level, it will take only a few years until the investments have been repaid in full.

The rest will be profit, of which the majority goes to the Norwegian society – to help fund the welfare state and keep our country a great place to live and prosper.

The Sverdrup field also delivers in terms of the climate challenge. Due to renewable power from the mainland, oil from the field will be produced with very low CO₂-emissions – about 700 grams per barrel, compared to a global average of around 18 kilograms per barrel.

Sverdrup shows that our climate policy works. We have put a high price on carbon through the combination of a CO₂-tax and requirement of CO₂-quotas, the latter as part of the European commitment to cut CO₂-emissions by 43 percent by 2030.

This system ensures that the market identifies the most rational projects for reaching Europe's common goal.

I have spent Christmas reading about oil and gas. It is clear to me that Sverdrup is a very good example that the Norwegian oil policy is working as intended.

We emphasize that the industry must have stable framework conditions. We offer a stable supply of attractive exploration acreage, and we emphasize research and technology development.

Having seen the Sverdrup field with my own eyes today, truly makes me proud of this industry. I'm also proud of  all of you working there. The Norwegian oil industry is able to produce oil and gas with low emissions and generate great value for the society. Our gas production contributes to a faster replacement of coal. Together with their suppliers, the oil companies are developing a wide range of  technologies that are crucial for a more sustainable future.

I firmly believe, that the Norwegian oil industry offers important solutions to the sustainability and climate challenges we all are facing.

Finally, I would like to thank Equinor and the field partners for a great job making this project such a success. And I would like to thank all the suppliers and other involved companies for their part in this. And not least, I want to thank all the employees who have been working hard to make sure this project would succeed!

Thank you all.