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Equinor Advances North Sea Oilfield Development Following New Oil Discoveries

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Equinor (EQNR.OL) is advancing plans for phase 4 of the Johan Sverdrup oilfield in the North Sea, following recent appraisal drilling that confirmed additional oil resources in the Tonjer and Geitungen areas.

The Norwegian energy company and its partners plan to develop the new volumes through a subsea development tied back to existing infrastructure on Johan Sverdrup. Preliminary estimates for Tonjer and Geitungen are between 20 and 30 million barrels of oil equivalent, according to a Monday release.

The project is being matured toward an investment decision, with production expected to potentially start in 2029.

Equinor holds a 42.62% stake in Johan Sverdrup, Aker BP (AKRBP.OL) owns 31.57%, Petoro holds 17.36%, and TotalEnergies (TTE.PA, TTE.L) has 8.44%.

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