Equinor has resumed production at the Johan Sverdrup oilfield in the North Sea, achieving two-thirds of its capacity by mid-morning on Tuesday following a power outage that halted operations on Monday.
Incident Overview:
The outage occurred due to an electrical converter station overheating at Kaarstoe in southwestern Norway, disrupting electricity supply to the platforms and causing a spike in global oil prices.
Repair work on the converter station is ongoing, with Equinor aiming to restore full output.
Market Reaction:
Oil prices experienced a decline on Tuesday after the announcement of the Norwegian oilfield’s restart.
Production Capacity:
Equinor reported that the Johan Sverdrup field was previously operating at peak capacity of approximately 755,000 barrels of oil equivalent per day (boed), although production is expected to gradually decline starting early next year.
Ownership Structure:
Equinor operates the field and holds 42.63% of the Sverdrup license, while Aker BP owns 31.57%, the Norwegian state-owned firm Petoro holds 17.36%, and TotalEnergies has the remaining 8.44%.