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Offshore : Equinor signed a letter of intent for the Deepsea Atlantic

The value of the fixed part of the agreement is estimated at around U$ 150 million at the current USD exchange rate

Equinor said that, the value of the fixed part of the agreement is estimated at around U$ 150 million at the current USD exchange rate. 

The costs of integrated services, maintenance, and options for drilling five extra wells are not included in the estimated value. The total contract value will depend on the efficiency of the well deliveries. 

Deepsea Atlantic is a sixth generation deepwater and harsh environment semi-submersible. This unit, along with its sister rig Deepsea Stavanger and Deepsea Aberdeen, is a state-of-the-art dual derrick, a dynamic-positioned unit of enhanced GVA 7500 design. 

eBlue_economy_Equinor signed a letter of intent for the Deepsea Atlantic

In November 2019, The North Sea Giant, Norway’s 3rd Largest Offshore Field ‘Johan Sverdrup’ started production.

Equinor & Johan Sverdrup partners ‘Lundin Norway, Petoro, Aker BP and Total”, started production from the field, more than two months ahead and NOK 40 billion below the original estimates.

According to Equinor, the break-even price for the full-field development is less than USD 20 per barrel. After reaching plateau for the first phase, anticipated during the summer of 2020, expected operating costs are below USD 2 per barrel.

However, The phase 2 development will increase the field production capacity from 470,000 to 690,000 barrels per day on plateau. The break-even price will be below U$ 20 per barrel, making Johan Sverdrup a highly profitable field with a very low CO2 footprint.

Johan Sverdrup phase 2 entails:  

  • the construction of a subsea production system,
  • reconstruction of the existing riser platform and,
  • a new processing platform, which will also accommodate a converter unit receiving power from shore.

eBlue_economy_Equinor signed a letter of intent for the Deepsea Atlantic

This unit will distribute power to other fields on the Utsira High: Edvard Grieg, Ivar Aasen, Gina Krog and Sleipner. The four existing platforms on the Johan Sverdrup field are already receiving power from shore and CO2 emissions per barrel are 0.7 kg.

  • CAPEX estimate: NOK 41 billion (nominal terms based on fixed currency)
  • Production start expected Q4 2022  

FULL FIELD (PHASE 1 + PHASE 2) 

  • Includes both phase 1 and phase 2 of the Johan Sverdrup development
  • Resource estimate in the range of 2.2-3.2 billion barrels of oil equivalent

Licence owners:  Equinor Energy AS: 42.6267% (operator), Lundin Energy Norway AS: 20%, Petoro AS 17.36%, Aker BP ASA: 11.5733% and Total E&P Norge AS: 8.44%.

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