Norway's Johan Sverdrup set to reach 535,000 bpd in May – Lundin Energy  

London (Quantum Commodity Intelligence) – Norway's Johan Sverdrup crude oil field will reach production of 535,00 barrels of oil per day in May 2021, slightly ahead of the previously announced target of 'mid-2021', said equity partner Lundin Energy in its Q1 earnings report.

'Johan Sverdrup continues to exceed expectations. Phase 1 production capacity is about to step-up to 535,000 bpd gross, and I expect, when the impact on the full field capacity has been assessed, we will see an increase above the current guidance of 720,000 bpd,' said Nick Walker, President and CEO of Lundin Energy.

'Phase 2 of the project is progressing well with the offshore installation programme set to commence this quarter and remains on track for first oil in the fourth quarter of 2022,' added the statement.

Lundin also announced record quarterly revenue of $1.1 billion, with an achieved oil price of $61 per barrel.

Johan Sverdrup is gaining prominence in the North Sea, not only in production terms and as an internationally-traded grade, but is also believed to be under consideration as an additional-delivery grade into the Dated Brent basket of crudes; currently consisting of Brent, Forties, Oseberg, Ekofisk and Troll.

At 27-28 API gravity and 0.8% sulfur, Johan Sverdrup is heavier than the existing suite of of Dated Brent crudes, although similar in sulfur content.

Johan Sverdrup is the third largest oil field on the Norwegian continental shelf, with expected output of 2.7 billion barrels of oil equivalent.

Equity partners are  Equinor: 42.6% (operator), Lundin Norway: 20%, Petoro: 17.36%, Aker BP: 11.5733% and Total: 8.44%.