The North Sea Johan Sverdrup field expects to reach plateau production for the first phase in early May, earlier than anticipated, Norwegian energy company Equinor said in a statement on Monday.
Due to higher plant capacity, plateau production will increase from around 440,000 barrels per day (bpd) of oil to around 470,000 bpd, according to the statement.
In addition to phase 1, Equnior said the field will produce 690,000 bpd of oil in phase 2.
The company noted that expected recoverable reserves in the field are 2.7 billion barrels of oil equivalent.
"The break-even price for the full-field development is below $20 per barrel, and expected operating costs are below $2 per barrel," the statement said.
Equinor holds a 42.6% stake in the field, while Sweden’s Lundin Petroleum has 20%, state oil firm Petoro has 17.36%, Norway’s Aker BP has 11.5733% and French Total has 8.44%.
By Gokce Topbas, Gulsen Cagatay