EQNR - Equinor aims to hike Sverdrup production to 755K bbl/day after capacity test

2023-05-23 14:23:45 ET

Equinor ( NYSE: EQNR ) +1.5% in Tuesday's trading after saying a capacity test at its Johan Sverdrup oilfield, Europe's largest, shows it can produce as much as 755K bbl/day of oil .

The field reached the record-high production level - equal to 6%-7% of daily European oil consumption - this week, Equinor ( EQNR ) said, adding the company and partners Aker BP, Petoro and TotalEnergies aim to keep output near the record level going forward.

The process capacity test "confirms technically very robust facilities and was safely performed with no unwanted incidents," Equinor ( EQNR ) said.

The Johan Sverdrup field, which produces 31.5K boe/day of natural gas in addition to oil and was originally expected to produce 720K bbl/day of oil at plateau, produces some of the lowest carbon emissions of any field, 80%-90% lower than the global average, the company said.

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