Equinor boosts Johan Sverdrup oil output

Norway's Equinor said on Thursday it had begun pumping oil from the second phase of its giant Johan Sverdrup development, sharply boosting output from Europe's biggest producing field. The startup comes just days after European Union sanctions on Russian seaborne crude took effect. Until now, the Sverdrup field has produced around 535,000 barrels of oil per day, according to Equinor.

Norway's Equinor said on Thursday it had begun pumping oil from the second phase of its giant Johan Sverdrup development, sharply boosting output from Europe's biggest producing field.

The startup comes just days after European Union sanctions

on Russian seaborne crude took effect. "At plateau, the (full) Johan Sverdrup field will produce 720,000 barrels of oil daily, aiming to rise to 755,000 barrels per day," Equinor said in a statement.

"Johan Sverdrup alone can thus meet 6-7% of the daily oil demand in Europe," it added. Until now, the Sverdrup field has produced around 535,000 barrels of oil per day, according to Equinor.