Equinor ASA has announced that the partnership behind the Johan Sverdrup phase 3 project has submitted a notification to the authorities in accordance with the existing plan for development and operation $(PDO)$. This notification is currently subject to governmental approval. The project aims to increase recoverable volumes from the field by 40-50 million barrels of oil equivalent, with production expected to commence in the fourth quarter of 2027. By leveraging the infrastructure from phases 1 and 2, the project is set to enhance recovery rates and contribute to stable energy supplies in Europe. The contract for the subsea development has been awarded to TechnipFMC, valued at approximately NOK 5.3 billion, with additional contracts expected to be awarded in 2025.
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