Equinor/ Aker BP18 Nov 2024 17:47
Norway's Equinor has halted output from its Johan Sverdrup oilfield, western Europe's largest, due to an onshore power outage, the company said on Monday.
Oil prices rose on the news, adding to earlier gains stemming from escalation in the Russia-Ukraine war.
Brent crude futures were up $1.88, or 2.65%, at $72.92 a barrel by 1547 GMT, while U.S. West Texas Intermediate crude futures were at $68.8 a barrel, up $1.78 cents, or 2.66%. [O/R]
An Equinor spokesperson said work was underway to re-establish production, but it was not immediately clear when it would resume.
The outage was caused by smoke developing in an onshore electricity converter station which sends power to phase 1 of the Johan Sverdrup development, the spokesperson added.
The situation was quickly clarified, but resulted in a temporary shutdown of production on the whole Johan Sverdrup field, he said.
The Sverdrup Phase 2 converter station, which supplies power to Sverdrup and other fields in the North Sea's Utsira High area, was operating as normal, the spokesperson added.
Equinor said last month that it expected the Sverdrup field to come off peak production levels around 755,000 barrels of oil equivalent per day (boed) from early next year.
Equinor is the operator and owns 42.63% of the Sverdrup licence while Aker BP holds 31.57%, Norwegian state-owned oil firm Petoro 17.36%, and TotalEnergies holds the remaining 8.44%.
With oil recovering well, I wonder what will be the next attempt at suppression ?
OPEC cut: BEARISH
OPEC add: BEARISH
MENA war: BEARISH
MENA truce: BEARISH
Trump win: BEARISH
Harris win: BEARISH
Inventory DrawBEARISH
Frac Ban: BEARISH
Ghawar on fire: BEARISH
No more OPEC crudités: Mind, lost
Poo as usual rebounding on news of the shutdown, Ukraine escalation and Chinese imported oil by sea hitting a record high in October. So much fir the Chinese economy in crisis. Add that to record low global inventories, counter seasonal demand. What wi happen