Maersk Oil’s most significant asset in Norway is its interest in the large Johan Sverdrup field. Maersk Oil aims at turning Norway into a core country with material oil production in the coming years through exploration, development and acquisition.

STATUS

Maersk Oil entered Norway in 2004. By early 2015, it now holds 19 licences, five of which it operates. Maersk Oil is partner in the Johan Sverdrup project, one of Norway’s largest discoveries ever.

Maersk Oil has 8.44% ownership of Johan Sverdrup. The project is progressing ahead of plan and has a break-even expected below $25 per barrel for phase I.

Phase I stands at more than 40% complete at Q2 2017, and on track for first oil in 2019. Phase II Final Investment Decision (FID) is expected in 2018.

The field has a resource estimate between 1.9 – 3.0 billion barrels of oil equivalent. In February 2015 the five Johan Sverdrup partners submitted the Plan for Development and Production for the first phase to the Norwegian authorities. 

MILESTONES

2016: Production drilling activities begin early March and construction of the platform commences.

2015: Maersk Oil has 8.44% interest in the Johan Sverdrup field following unitisation ruling from the Norwegian authorities.

2015: Plan for Development and Operation for Johan Sverdrup’s first phase is submitted.

2014: The concept for first phase for Johan Sverdrup is selected.

2010: Operator RWE-Dea makes the Zidane gas discovery.

2010: Acquisition of 20% interest in PL435.

2010: Drilling leads to the Avaldsnes discovery which now forms part of the giant Johan Sverdrup field. A plan for development and operations (PDO) is planned to be submittedin early 2015. First oil is expected at the end of 2019.

2009: Awarded 20% interest in the PL501 licence operated by Lundin Petroleum AS.