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Norway’s Sverdrup oil output rises to two-thirds of capacity

Tuesday, 19 November 2024 | 21:00

Equinor EQNR.OL has resumed production at the Johan Sverdrup oilfield in the North Sea following a power outage, reaching two-thirds of capacity by mid-morning on Tuesday, a company spokesperson said.

Output washalted on Monday atwestern Europe’s largest oilfield due to an onshore power outage that disrupted electricity supply to the platforms, boosting global oil prices.

Repair work on the converter station is ongoing and Equinor was working to resume full output, the spokesperson said.

Oil prices slipped on Tuesday following news of the Norwegian restart.

The power outage was caused by overheating in an electrical converter station at Kaarstoe in south-west Norway, the spokesperson added.

Equinor did not think that the incident was caused deliberately, the spokesperson said in response to a question from Reuters.

Equinor last month said the field was producing at peak capacity of around 755,000 barrels of oil equivalent per day (boed), although this was expected to gradually decline from early next year.

Equinor is the operator and owns 42.63% of the Sverdrup licence while Aker BP AKRBP.OL holds 31.57%, Norwegian state-owned oil firm Petoro 17.36%, and France’sTotalEnergies TTEF.PA the remaining 8.44%.
Source: Reuters (Reporting by Nora Buli, editing by Terje Solsvik, Louise Heavens and Jason Neely)

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