THE NEW NORWAY'S OIL

NPD - 05/10/2019 - Nine years after the field was proven, production commenced on Saturday from the North Sea giant, Johan Sverdrup. 24/7, for the next 40 years, oil from this field will secure substantial revenues for Norway.

"It would take more than 50 years of exploration in this area before Johan Sverdrup was discovered. Our analyses showed that there were still significant undiscovered oil volumes in the North Sea. But the fact that so many resources were gathered in a single field came as a surprise to all of us.

"Johan Sverdrup is proof that looking at old available data with fresh new eyes and testing new ideas yields results. The oil saga on the Norwegian shelf is far from over, Johan Sverdrup is proof of that," says Director General Bente Nyland.

Based on current forecasts, Johan Sverdrup will be responsible for more than one-quarter of total Norwegian oil production in 2023.

Johan Sverdrup is the third largest oil field on the Norwegian shelf – measured in reserves, after Ekofisk and Statfjord.

There is reason to celebrate today. Even so, Nyland reminds us that the real job starts now. While Johan Sverdrup contains vast volumes of oil, the Norwegian Petroleum Directorate will be watching carefully to make sure that all measures necessary to recover every profitable drop are implemented – as is required by the Petroleum Act," says Nyland.

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