Norwegian energy giant Equinor is set to ramp up production at the Johan Sverdop oil field.

The field – with a capacity of 2.7 billion oil barrels – is expected to reach a daily limit of 470,000 barrels per day (bpd) by early May.

Daily production already exceeds 430,000 barrels and the move comes despite the firm pledging to at least halve its net carbon intensity by 2050.

Rune Nedregaard, Vice President for Johan Sverdrup Operations, said: “Johan Sverdrup has very low production costs, contributing with a strong cash flow also in periods with low prices, as we experience.”

The second phase of production will begin in the fourth quarter of 2022 with an expected yield of 690,000bpd.

With a break-even cost falling below $20 (£16) per barrel, Equinor expects a more than 70% recovery once production levels rise during the second phase.