Equinor's Johan Sverdrup oilfield, Western Europe's largest, has been temporarily halted due to a power outage. The incident comes amidst global oil market uncertainty caused by escalating trade tensions between the U.S. and China.
Equinor on Tuesday suspended all production at the Johan Sverdrup oilfield, Western Europe's largest, following a power outage . The 755,000-bpd oilfield in the North Sea experienced the outage in its offshore power system, prompting Equinor to initiate repair work and a restart plan. The company spokesperson declined to provide further details about the outage or the planned restart.
This production halt at Johan Sverdrup comes amidst a global oil market facing downward pressure due to escalating trade tensions between the U.S. and China. On Tuesday, oil prices were already down by 2% as the U.S. imposed a 10% tariff on all Chinese imports, triggering retaliatory tariffs from China on U.S. products, including LNG, coal, and crude oil.Johan Sverdrup, which began production in 2019, has proven to be a significant contributor to Norway's oil production. Its peak output of 755,000 barrels per day, achieved in September 2024, surpassed initial expectations of 660,000 bpd. The field's output accounts for a third of Norway's total oil production and holds estimated reserves of 2.7 billion barrels of oil equivalents. Phase One of Johan Sverdrup came online in October 2019, followed by Phase Two in December 2022. Notably, Johan Sverdrup boasts some of the lowest CO2 emissions among oilfields globally due to its high electrification levels. This power outage follows a similar incident in mid-November 2024, when production at Johan Sverdrup was temporarily halted for several days before being gradually restored
OIL PRODUCTION JOHAN SVERDRUP EQUINOR NORTH SEA POWER OUTAGE TRADE WAR US CHINA
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