Norway’s New Crude a Threat to Rivals in Asia

By Bloomberg News (Bloomberg) --Norway’s new oil grade is making inroads in Asia, threatening to undermine sales of similar crudes from Africa and South America. China’s Unipec, at least one of the nation’s independent refiners and South Korea’s Hyundai Oilbank Co. have bought Johan Sverdrup for December delivery, said traders and refinery officials in Asia. The North Sea … [Read more...]

First Oil from Johan Sverdrup Ready to Ship

The first oil pumped from the giant Johan Sverdrup field in the North Sea has reached Mongstad, Norway where it will be prepared for shipping to markets around the world. The first cargo of around one million barrels is expected to leave for customers in Asia this week. The cargo has market value of around USD 60 million, or more than half a billion NOK at the current oil … [Read more...]

Norway’s New Oil Mega-Project Clashes With Growing Focus on Climate

By Mikael Holter (Bloomberg) --The timing of Norway’s biggest oil project in decades is a bit awkward. Equinor ASA kicked off its massive Johan Sverdrup field, a rare mega-project in the aging North Sea, at a moment where the pressure on the oil industry and governments to act against the climate crisis has never been greater. The field is set to produce crude for 50 … [Read more...]

Equinor Brings North Sea Giant Johan Sverdrup On Stream

Norwegian energy company Equinor has brought the giant Johan Sverdrup field on stream more than two months ahead schedule. Sanctioned in 2015, Johan Sverdrup is the largest development on the Norwegian Continental Shelf in three decades. Johan Sverdrup has expected recoverable reserves of 2.7 billion barrels of oil equivalent and the full field can produce up to 660,000 … [Read more...]

North Sea Oil Poised for Last Hurrah With Giant Norway Field

By Timothy Abington and Mikael Holter (Bloomberg) --The rise of a huge new Norwegian oil field is poised to give North Sea output one of its biggest boosts in years. The surge won’t last. Johan Sverdrup, one of the five largest offshore oil fields ever discovered in Norway, has been given the green light to begin production, with operator Equinor ASA scheduled to start … [Read more...]