A large new oil field in the North Sea is estimated to benefit the Norwegian government by £80bn over 50 years.
Named the Johan Sverdrup after the man who ‘fathered modern Norwegian parliamentary government in 1880s’, the oil field was discovered in 2010 and will deliver 660,000 barrels per day at peak production, up to a third of Norway’s output. According to a BBC report, the field contains 2.7bn barrels.
Earnings from Johan Sverdrup over 50 years are estimated at £125bn, with tax revenue estimated at £80bn.
The company which runs the oil field, Equinor, has highlighted the emissions efficiency of the new development, stating there are less than 4% emissions per barrel compared with world average. The world average if 18kg CO2 emissions per barrel while emissions per barrel produced at Johan Sverdrup are 0.67kg. Find out more.