Giant Oil-Field Boost Is Bad for Market, Good for Norway
- Sverdrup’s first phase to peak at 470,000 barrels a day in May
- Field’s operating costs seen below $2 a barrel after ramp-up
The processing, drilling and production platforms stand on the Johan Sverdup oil field off the coast of Norway in the North Sea.
Photographer: Carina Johansen/BloombergThis article is for subscribers only.
A torrent of oil from the giant Johan Sverdrup field may not be what the market needs right now, but it’s a welcome boost for Norway and the companies involved.
The North Sea field’s first phase will peak at 470,000 barrels a day in early May, state-controlled Equinor ASA said on Monday. That’s at least a month early, and 30,000 daily barrels more than forecast.