Equinor has raised the resource estimate for its giant oil field Johan Sverdrup in the North Sea and said it was able to drive development costs for the project further down. The resource estimate for the entire Johan Sverdrup field—one of the largest discoveries in the North Sea in the past three decades and one of the five largest oil fields on the Norwegian Continental Shelf—is raised to 2.2-3.2 billion barrels of oil equivalent from 2.1-3.1 billion barrels of oil equivalent, Equinor said on Monday, announcing it is submitting the development plan for the second phase of the project to the Norwegian Ministry of Petroleum and Energy. The first phase of the giant Johan Sverdrup project is slated to start production in November 2019 and will be the main contributor to Norway’s rising oil production until 2023. “The Johan Sverdrup field is the largest field development on the Norwegian […]