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North Sea Oil Poised for Last Hurrah With Giant Norway Field

  • Equinor’s Sverdrup is a clear outlier in terms of scale
  • Sverdrup drives Norway’s growth while U.K. supply to drop
Equinor ASA Lift A Drilling Platform Onto The Biggest Ship In The World "Pioneering Spirit"
Photographer: Carina Johansen/Bloomberg

The rise of a huge new Norwegian oil field is poised to give North Sea output one of its biggest boosts in years. The surge won’t last.

Johan Sverdrup, one of the five largest offshore oil fields ever discovered in Norway, has been given the green light to begin production, with operator Equinor ASA scheduled to start loading crude onto tankers as soon as next month. The field will single-handedly deliver the biggest increase in oil production for Norway next year since the 1980s. While that’s good news for its owners and Norway, the North Sea will still have to grapple with declines in supply from more mature fields that have been operating since the 1970s.