Johan Sverdrup Oil Field’s Output Set for Decline from 2025

The Johan Sverdrup field (Credit: Lizette Bertelsen & Jonny Engelsvoll / Equinor)

Norway's largest oilfield Johan Sverdrup is expected to come off its production plateau early next year, operator Equinor said on Thursday.

The field hit record daily output of more than 756,000 barrels of oil per day in September, equivalent to some 6%-7% of Europe's daily oil consumption, according to Equinor.

"We expect Johan Sverdrup to come off plateau production in early 2025," CEO Anders Opedal told a press conference.

The field has already pumped one billion barrels since coming on stream in October 2019.

At the time of the startup, the field was estimated to hold 2.7 million barrels of oil equivalent in reserves, including some associated gas.

Equinor operates Sverdrup and has 42.6% stake, while Aker BP has 31.6%, state-owned Petoro 17.4% and TotalEnergies 8.4%.

(Reuters - Reporting by Nerijus Adomaitis, editing by Terje Solsvik)