The investment for Johan Sverdrup phase 2 development is expected to be NOK41bn ($4.92bn) with production targeted to begin in the fourth quarter of 2022.

Equinor said that the resource estimate for the entire Johan Sverdrup field has been increased from 2.1-3.1 billion barrels of oil equivalent to 2.2-3.2 billion barrels in the Phase 2 Plan for development and operation (PDO). The expected estimate of the offshore field has been revealed to be 2.7 billion barrels.

As far as the ongoing Johan Sverdrup phase 1 development is concerned, Equinor has updated investment estimate for the project at NOK86bn ($10.32bn). The partners have achieved a reduction of 30% by NOK37bn ($4.4bn) for the phase 1 development compared to the estimate during the submission of its development plan.

The Johan Sverdrup phase 2 project will see addition of another processing platform to the field center, modifications of the riser platform and the field center, and five subsea templates.

The PDO for Johan Sverdrup Phase 2 will also outline measures to enable transmission of power from shore to the Utsira High by 2022, in compliance with the terms for PDO of Phase 1.

Equinor CEO Eldar Sætre said: “The Johan Sverdrup field is the largest field development on the Norwegian shelf since the 1980s. At plateau, the field will produce up to 660,000 barrels per day, with a break-even price of less than USD 20 per barrel and very low CO2 emissions of 0,67 kg per barrel.

“Johan Sverdrup is on track to deliver vast volumes of energy with high profitability and low emissions for many decades to come.”

According to Equinor, the full field development of Johan Sverdrup is estimated to provide an income of over NOK900bn ($107.97bn) to Norway over its lifetime. The company is partnered by Lundin Norway, Petoro, Aker BP and Total in the Johan Sverdrup field.