Norway’s Equinor revised up its resource estimate on Monday for the Johan Sverdrup oilfield, the North Sea’s largest discovery.
Equinor said the field is believed to hold 2.2-3.2 billion barrels of oil equivalent, up from the previous estimate of 2.1-3.1 billion barrels.
The total cost of developing the field has also been cut to 127 billion Norwegian kroner ($15 billion).
'Today we are announcing an increased resource estimate and we are reducing the total estimated investment for both Phase 1 and Phase 2 of the development by an additional 6 billion Norwegian krone ($718 million) since February of this year,' Equinor's CEO Eldar Saetre said.
'Johan Sverdrup is on track to deliver vast volumes of energy with high profitability and low emissions for many decades to come,' Saetre added.
It is expected that at plateau, the field will produce up to 660,000 barrels per day, with a break-even price of less than $20 per barrel.
Equinor, as the operator of the field, holds a 40.03 percent share, Lundin Petroleum has a 22.6 percent interest, Petoro holds a 17.36 percent share, Aker BP has 11.57 percent and Total has a 8.44 percent stake.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr