- Investment of NOK 13 billion in Johan Sverdrup Phase 3.
- Production start expected in Q4 2027.
- TechnipFMC awarded NOK 5.3 billion EPCI contract.
- AI used for cost savings of NOK 130 million.
Investment and Infrastructure
The third phase of the Johan Sverdrup project involves an investment of NOK 13 billion. This phase will introduce new subsea infrastructure, including two subsea templates connected to existing systems via new pipelines. The development aims to increase recoverable volumes by 40–50 million barrels of oil equivalent (boe).
Technological Advancements
Artificial intelligence has been utilized to optimize field layouts and well paths, resulting in faster decision-making and cost savings of NOK 130 million. This technology supports efficient resource utilization and enhances the project's overall value.
Contract Awards
TechnipFMC has secured a contract valued at approximately NOK 5.3 billion for engineering, procurement, construction, and installation (EPCI) related to the subsea development. Additional contracts for platform modifications and drilling of eight wells are expected to be awarded in 2025.
Production and Recovery Goals
Phase 3 aims to increase the recovery rate from Johan Sverdrup, which is already at a world-class level of 66 percent, with a target of reaching 75 percent. The project is crucial for maintaining high production levels, with production expected to start in the fourth quarter of 2027. The field set a production record in 2024 with 260 million barrels of oil, contributing significantly to Norway's energy output.
Regulatory Process
The partnership has submitted a notification to authorities in line with the existing plan for development and operation (PDO), pending governmental approval. This step is essential for advancing the project and ensuring compliance with regulatory requirements.
