Equinor Invests $1.3 Billion to Expand Europe’s Biggest Oilfield

Equinor and its partners have decided to invest $1.3 billion (13 billion Norwegian crowns) in the Phase 3 expansion of the Johan Sverdrup oilfield in the North Sea, Western Europe’s biggest oil-producing field. The Phase 3 development plan includes two new subsea templates, which will be tied into existing infrastructure via new pipelines. The investment will increase recoverable volumes from the field by 40–50 million barrels of oil equivalent (boe), with production expected to start in late 2027, Equinor said on Tuesday. Last year,…