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Starter Gun Fired for Sverdrup 2 Tuesday 28 August 2018 upstreamonline.com Visit us at Visit us at Stand 7740, Stand 7740, Hall 7 TODAY Hall 7 OFFICIAL SHOW DAILY PRODUCED BY UPSTREAM IN THIS ISSUE Conference programme & highlights Page 10 Industry needs to adapt and innovate Pages 12&13 Distinguished Service Award Page 14 Duo highlight effort to reduce carbon emissions Page 15 Royal visitor tours ONS Page 16 Starter gun fired for Lundin increases Rolvsnes resources Pages 4&5 Sverdrup 2 UK set for rise in project sanctions Page 6 Point eyes Balder and Ringhorne drive Page 7 Equinor and Aker BP push rival Noaka concepts Page 8 EQUINOR and its partners in the giant Johan Sverdrup field have submitted their development plan for the Ambitious offshore Nkr41 billion ($4.9 billion) plan shows Dutch second phase to Norwegian courage Pages 22&23 authorities, with the operator saying the joint venture now Get up to speed with the expects to recover 2.7 billion latest news from the world of oil and gas. Visit us at barrels of oil from the whole Hall 5, Stand 5785 Equinor chief executive Eldar Saetre or log on to Photo: CARINA JOHANSEN / NTB SCANPIX project. Pages 2&3 www.upstreamonline.com New name. Still renewing. Todays dialogue session: Statoil has changed its name to Equinor. 13:00 - 13:20 Let’s discuss the future at ONS, Hall 8, stand 8000. Can solar and wind become the new big oil? equinor.com 2 Show Daily Tuesday 28 August 2018 NORWAY Partners get ball rolling on Johan Sverdrup 2 PDO Equinor and fellow licence holders submit plan for next phase of North Sea field OLE KETIL HELGESEN Stavanger EQUINOR and its partners in the giant Johan Sverdrup field in the North Sea have submitted their development plan for the Nkr41 billion ($4.9 billion) second phase to Norwegian authorities, with the operator saying the joint ven- ture now expects to recover 2.7 billion barrels of oil from the whole project. Analysts had previously esti- mated that recovery from Johan Sverdrup was likely to be around 2.5 billion barrels. “We have worked systemati- cally to make the second phase of the Johan Sverdrup development even more profitable and robust,” said Equinor’s executive vice pres- ident for technology, projects and drilling, Margareth Ovrum. Ovrum said that the company is aiming for a recovery rate of more than 70% from the massive field. “Expected recovery from Johan Sverdrup is 2.7 billion barrels of oil. This is actually the first time we have announced the exact fig- ure for expected resources in the field,” she told a press conference during ONS 2018. “The improvements we have seen from this world class project are probably unparalleled in the history of our industry,” an upbeat Equinor chief executive Eldar Sae- tre added. Saetre said Johan Sverdrup is the biggest field development to have emerged on the Norwegian continental shelf since the 1980s. “Since the PDO for the first phase in 2015, we have reduced the total estimated investment for the Johan Sverdrup full field development by more than Nkr80 billion,” he said. “Reserves have increased, capi- tal expenditure is down, value creation has improved, carbon dioxide emissions are expected to be at a record low and the ripple effects are larger than previously estimated,” Saetre added. Equinor now estimates the cost of the first phase of development at Johan Sverdrup will be Nkr86 Nkr40 billion and Nkr55 bil- and what Equinor refers to as processing platform, modifica- ute more than Nkr900 billion in billion, 30% less than when the lion. According to Ovrum the use low-carbon barrels of oil. The PDO tions to the riser platform and income to the Norwegian State development plan for that phase of modern technologies has been for Sverdrup 2 includes measures field centre, five subsea templates, over its lifetime. was originally submitted. key to boosting project economics to facilitate electrical power from as well as power from shore to the An updated analysis from Nor- The estimate for the cost of the at Sverdrup. shore to the field. Utsira High in 2022. wegian consultancy Agenda Kau- second phase of development has Among technologies being Emission savings from the Contracts have already been pang estimates the development been reduced to Nkr41 billion and implemented at the field are per- Johan Sverdrup field are estimated signed with the main suppliers for of Johan Sverdrup phases one and the break-even price for the phase manent reservoir monitoring, at 460,000 tonnes per annum of the second phase development, two could contribute more than two development is now less than water-alternated gas flooding and carbon dioxide, which is equiva- including Aker Solutions and 150,000 man-years in Norway $25 per barrel, according to the installation of fibre-optics in lent to annual emissions from Aibel for the new processing plat- between 2015 and 2025. company. wells. 230,000 private cars, once electric- form. In the operations phase, Johan In March, Equinor estimated Ovrum said Sverdrup 2 aims to ity is being supplied from shore. Full-field development of Johan Sverdrup may generate employ- phase two would cost between produce remaining high-value Sverdrup 2 will include a second Sverdrup is projected to contrib- ment for more than 3400. Produc- The official ONS Show Daily is published by Upstream, an NHST Media Group company, Christian Krohgs gate 16, PO Box 1182, Sentrum, N-0107 Oslo and printed by Kai Hansen Trykkeri, Stavanger. This edition was printed on 27 August 2018. © All articles appearing in the official ONS Show Daily are protected by copyright. Any unauthorised reproduction is strictly prohibited. Editor-in-chief: Mark Hillier Tuesday 28 August 2018 Show Daily 3 Saetre confident on Norwegian production the Peon gas discovery could fall Partners get ball rolling on Johan Sverdrup 2 PDO EQUINOR into that category while the fields in the so-called NOAKA (North of OUTPUT Alvheim) area have sufficient resources for a new platform with their 400 million to 500 million Company aims to maintain barrels of oil potential. level beyond 2030 However, Equinor’s main con- cept for the NOAKA area is a tie- back solution to the Oseberg field. EQUINOR chief executive Eldar Without any new significant Saetre this week expressed confi- discoveries off Norway, the com- dence that the company will man- pany will depend on extensive age to maintain current produc- projects to extend the lifetime of tion levels on the Norwegian its existing fields to meet its pro- continental shelf beyond 2030 duction goals. while acknowledging that it will Executive vice president for pro- be hard work to achieve such an jects and technology Margareth ambition, writes Ole Ketil Helgesen. Ovrum confirmed that the com- After major projects such as pany wants to make new discov- Johan Sverdrup phase two and the eries to maintain its activity level Johan Castberg development in in Norway. the Barents Sea are completed in “We will keep the current 2022, Equinor’s project portfolio in exploration level in Norway the Norway becomes more modest coming years,” she said. This year due to a lack of significant discov- Equinor plans to drill 25 to 30 eries in recent years. exploration wells on the Norwe- However, the company still gian continental shelf. aims to keep production in Nor- Both Saetre and Ovrum stressed way at its current level beyond that to reach its production target 2030. in Norway, Equinor will have to “The projects will become continue to keep a lid on costs. smaller and will be more chal- “We have to keep on finding lenging economically. new, clever solutions and to keep “It is therefore important that costs down. This is not mainly we keep costs down and continue about capacity and rates, but innovating to reach our ambi- innovation and smarter think- tion,” Saetre said. ing,” Saetre said. Equinor’s production in Norway Ovrum also pointed to how currently stands at 1.33 million Equinor would look to make the barrels of oil equivalent per day most of its international assets, from its 42 operated fields and especially its expanded position from partner-operated projects. in Brazil, to maintain its overall According to Saetre, Equinor company-wide production rates. has several tie-back projects and “We have several Johan Cast- also some standalone projects in berg size (prospects) and also a the pipeline though he did not go Johan Sverdrup size project into specifics. there,” she said. Equinor does not have many Ovrum will take over as discoveries in Norway with Equinor’s head of Brazil in known standalone potential — mid-October. Key role for digitalisation DIGITALISATION and recent Margareth Ovrum, executive improvements in technology have vice president for technology, pro- played a crucial role in helping to jects and drilling, added: “Johan boost the resource estimate and Sverdrup will be the best in class expected recovery rate at the on digitalisation and new technol- giant Johan Sverdrup field in the ogy. North Sea, according to Equinor “Digitalisation will reinforce chief executive Eldar Saetre. the effects of several improved Saetre argued during a press recovery technologies. Together, conference at ONS 2018 in Norway this has allowed us to increase the that the Sverdrup project, which resource estimate for Johan Sver- is moving towards the second drup, while simultaneously rais- phase of development, “had a tool ing the ambitions for the fields’ box full of technological achieve- recovery rate. ments”. “This will make Johan Sverdrup In the spotlight: Equinor chief “Johan Sverdrup is a frontrun- a world leader also in terms of the executive Eldar Saetre (left) ner when it comes to digitalisa- improved recovery.
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