TotalEnergies and Aker BP have initiated an independent review to potentially increase their stakes in Equinor’s Johan Sverdrup oilfield, considered to be the largest producing field in the North Sea.
Aker BP CEO Karl Johnny Hersvik confirmed the move, highlighting the strategic importance of the field, which began production in 2019, according to a report by Reuters.
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Currently, Equinor operates the field with a 42.63% stake, while Aker BP holds 31.57%, Petoro has 17.36% and TotalEnergies owns 8.44%.
The stakeholders have the right to seek stake reviews based on production and reservoir data, a process known as redetermination.
In January, both TotalEnergies and Aker BP exercised this option.
Hersvik stated: “I am not going to speculate on the results of such a process, but obviously we wouldn’t have done that if we didn’t expect a positive change.”
He indicated that while the outcome remains uncertain, the redetermination could alter ownership rates.
Hersvik further explained that any adjustments would affect future production shares and potentially involve compensation in the form of additional oil volumes for partners to sell.
Equinor, as the operator, is managing the redetermination process in line with regulations, with an expected duration of 12–18 months, the report said.
The Johan Sverdrup field spans multiple offshore oil and gas licences. The field’s average production is projected at around 720,000 barrels of oil equivalent per day in 2025, maintaining levels seen in 2023–24.
This output is significant for Aker BP, contributing around half of its production in 2024.
Earlier this month, Equinor suspended all production at the Johan Sverdrup oilfield following an outage in the offshore power system.
