Page 14 - EurOil Week 05 2021

EurOil PROJECTS & COMPANIES EurOil

Equinor raises the bar at

Sverdrup once more

NORWAY OUTPUT at Norway’s flagship Johan Sverdrup day one, and the wells have produced even better
oil project is poised to reach 535,000 barrels per than expected,” Equinor said.
The field is now day by mid-year, operator Equinor said on Janu- Equinor operates Sverdrup with a 42.6%
expected to produce ary 28, or around 100,000 bpd more than it was stake, while Sweden’s Lundin Energy has 20%,
535,000 bpd by initially projected to flow at peak rate. Norwegian firms Petoro and Aker BP 17.4% and
mid-year. Sverdrup was launched in October 2019 and 11.6% respectively, and France’s Total 8.4%.
has provided Equinor and its other developers Sverdrup came on stream in late 2019 some
with a welcome boost of low-cost production two months ahead of schedule and under
during the downturn. It was originally expected budget, as Equinor and its partners were able
to produce 440,000 bpd of crude under its first to take advantage of the previous market down-
phase of development. But Equinor said in turn to cut costs for equipment and services. The
March last year that its target capacity would field is well-suited to weak oil prices, boasting
be raised to 470,000 bpd, after wells had per- an operating cost of below $2 per barrel and a
formed better than anticipated. Later it said that break-even cost of less than $20 per barrel.
a production rate of over 500,000 bpd would be Equinor has also stressed the project’s green
possible. credentials. It estimates that each barrel from the
Equinor raised the bar again on January 28, field emits under 0.2 kg of CO2, which is almost
announcing that tests at the field’s processing 100 times lower than the global average. This is
plant showed that a production rate of 535,000 largely because Sverdrup is powered from shore.
bpd was possible. It will achieve this level with Sverdrup’s first phase cost some NOK83bn
water injection operations, it said. ($9.1bn). Its second $4.5bn phase is on track
“This increase is possible because the field for first oil in the fourth quarter of 2022 and will
production has been very good and stable from raise production to over 700,000 bpd. ™

NEWS IN BRIEF

Bosnian Federation Zenica and Travnik. Moreover, the existing strategy to diversify its gas supply sources
and routes. It was now completed following
gas pipeline, built in 1979, is obsolete and is
parliament adopts law on very busy during the winter periods, when approval by the Bulgarian competition
protection body.
gas consumption is highest, the government
gas link with Croatia stated. implementation of the Balkan gas hub
“The project contributes to the
The construction of a new gas
Both houses of the Bosnian Federation interconnection in the direction Zagvozd concept, which envisages, through
parliament have adopted the draft saw on the (Croatia) - Posusje - Tomislavgrad - Suica - construction and development of the
Southern Interconnection between Bosnia & Kupres - Bugojno - Novi Travnik / Travnik, necessary gas transmission infrastructure,
Herzegovina and Croatia. with a branch to Mostar, is recognised as a to link the natural gas markets in the
The pipeline will help diversify the project of the highest priority for the Bosnian countries in Central and Eastern Europe,”
Bosnian Federation’s gas supply by proving Federation. Bulgartransgaz said in a press release.
an additional source, and the newly adopted The LNG terminal in Alexandroupolis
law should ease the administrative burden should become operational at the beginning
since the construction of the pipeline Bulgartransgaz completes of 2023.
requires expropriation in certain areas of Bulgaria currently serves as a transit route
the Federation, issuing permits and other 20% stake purchase in Greek for Russian gas, but it has the potential to
administrative acts. become a major trading centre thanks to a
The Bosnian Federation’s House of LNG terminal project raft of new gas transport projects. A pipeline
Representatives adopted the draft law on from Greece is due to start operations next
January 28, and the House of Peoples of the Bulgaria’s state-owned gas network operator year, allowing Bulgaria to receive gas from
Parliament of the Federation of Bosnia and Bulgartransgaz said on January 28 it has Greek LNG terminals. It will also be able to
Herzegovina the following day. completed the acquisition of a 20% stake tap supplies from Azerbaijan once the Trans-
The Bosnian Federation is currently in Gastrade, the company developing Adriatic Pipeline (TAP) running through
supplied with natural gas from only one a floating liquefied natural gas (LNG) Greece and Albania to Italy is finished.
direction and only one source, using a terminal off Greece’s northern coastal city of Bulgaria is also helping Russia extend the
transport pipeline that crosses the border Alexandroupolis. TurkStream pipeline through its territory
between Serbia and Bosnia at Sepak, and The acquisition was announced in August and on to Central Europe.
continues to Zvornik, Kladanj, Sarajevo, 2020 as part of Bulgaria’s long-term energy

P14 www. NEWSBASE .com Week 05 04•February•2021