Equinor said production from its Johan Sverdrup field is expected to decline by more than 10% in 2026, marking a turning point for one of Europe’s largest oil developments, even as the company projects higher overall production across its global portfolio.
Equinor CEO Anders Opedal said during a media briefing on the company’s full-year 2025 results on 4 February that the decline was expected as the offshore field matures. “Like all of the fields, it will eventually come into decline and we see that now,” Opedal said. “We see a decline in Johan Sverdrup for 2026 which is more than 10% but well below 20%.”
He added that the company is working to limit the rate of decline through measures that include drilling new wells with optimized landing zones and retrofitting production systems to improve efficiency.
Located in the North Sea, nearly 100 miles offshore Stavanger and in water depths of about 390 ft, Johan Sverdrup has a production capacity of 755,000 B/D. In recent years, the field has accounted for almost one-third of Norway’s total oil production.
Equinor operates Johan Sverdrup with a 42.6% working interest. Partners include Aker BP (31.6%), Petoro (17.4%), and TotalEnergies (8.4%).
Despite the expected decline at Johan Sverdrup, Opedal said Equinor still anticipates an overall production increase of about 3% in 2026, driven by output from other fields on the Norwegian Continental Shelf and the company’s international portfolio. The company reported a production total of nearly 2.2 million BOE/D in the fourth quarter of 2025.
The update follows Equinor’s final investment decision last year to spend nearly $1.3 billion on a Phase 3 development at Johan Sverdrup, aimed at boosting recovery by up to 50 million BOE. The Phase 3 project includes plans for at least eight new wells, with first production expected in late 2027.
In its annual report, Equinor also noted that higher administrative costs in 2025 were partially offset by international divestments and reduced spending on renewable energy and low-carbon projects. The company previously said it would cut planned renewable investments over the next 2 years to $5 billion, down from an earlier target of $10 billion.
Equinor also plans to continue streamlining its international portfolio. On 3 February, it announced its exit from Argentina’s Vaca Muerta shale, agreeing to sell its position to Vista Energy in a deal valued at $1.1 billion.
