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Anders Opedal, President & CEO of Equinor ASA (NYSE:EQNR), during the 4Q24 results announcement, maintained that Johan Sverdrup’s output is expected to remain close to the levels of the last two years.
This projection suggests a positive 5% impact on Aker BP (NYSE:BP)’s fiscal year 2025 group production estimate, potentially increasing it to 414kboe/d from the current 393kboe/d.
The Johan Sverdrup field, in which Aker BP holds a 31.4% interest, has been producing approximately 755kboe/d gross, with Equinor as the operator at a 42.6% stake. In the third quarter of 2024, Aker BP anticipated the field’s plateau rate to continue well into the following year, while Equinor had previously stated it would remain on plateau until early 2025.
In 2024, Sverdrup accounted for about 54% of Aker BP’s group production, which totaled 439kboe/d. Equinor has also revised its ambitions for the field, targeting a 75% reserves recovery rate, inclusive of a potential third phase, an increase from the previous goal of over 70%.
Regarding other significant projects, timelines remain unchanged. The Johan Castberg project in the Barents Sea is slated for 2025, with no precise start-up timing indicated for Vår Energi. The Rosebank project in the UK North Sea is on track for 2027, aligning with Ithaca Energy (LON:ITH)’s schedule. Similarly, the Yggdrasil project in Norway, operated by Aker BP, is expected to commence in 2027.
In related news for independent exploration and production companies, there’s more clarity on the UK North Sea joint venture. A deal to create the UK’s largest independent oil and gas company with Shell (LON:SHEL) is set to strengthen the international portfolio.
The newly established company aims to produce over 140,000 barrels of oil equivalent per day in 2025, positioning itself as a key player in securing the UK’s energy supply.
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