That is the liquids trading as such. So, this comes out of arbitrage opportunities, resulting from that global trading flows are changing due to Russian oil being delivered into Asia. So, we see that creates opportunities when you have a good and large shipping fleet, combined with the qualities that we produce around the globe. So, I’m very glad to see that we have been able to really take out the value opportunities that arise in a changing oil market as such. So, going forward, you should, it’s very hard to predict naturally who is going to be the biggest contributor from quarter to quarter. But as long as there are arbitrage opportunities within the oil market, we’ll take them. And the gas results, they will typically be driven by volatility in the markets and arbitrage opportunities between the various geographical markets as well.
Those have been fairly muted in the third quarter, but they have been very, very large early on. So, when that changes, we are ready to take, and then create more value from that part.
Bard Glad Pedersen: The next one is Oswald Clint from Bernstein. Oswald, please go ahead.
Oswald Clint: Thank you. Good morning. I wanted to also ask about MMP and the $400 million to $800 million quarter guidance, that was increased at the start of the year. Obviously, beating it this quarter, it’s normally less exciting for natural gas. You just discussed the liquids side. But, I remember the chart back in February had quite a lot more upside from optionality and optimization. That fuzzy blue bar was significantly higher. So, I mean the question is as we roll into next year, is there any confidence building, I guess internally that you can probably do more than this guidance or at least more than the lower end of that guidance range. That’s the first one. And then secondly, yes, I’ve got a follow-up. I wanted to know if you could tell us more about the [ph] Breidablikk field in offshore NCS.
Seems like it’s a sizable one and it may be moving forward. So just your latest discussions in the consortium around the concept and whether we could see this moving forward, please? Thank you.
Torgrim Reitan: Okay. Thanks, Oswald. Yes, so MMP continues to deliver strongly. And I think it’s fair to say that, I mean, we have confidence In that, we will be able to continue to deliver strong results from that segment. Going into next year, clearly, volatility will be important to monitor. And we have seen in particular with a lot of volatility in the market, we can make our balance sheet available to take risk and make significant profit. And we saw that in 2022 and from downstream commodities and from the gas trading as well. So yes, we are confident that we will be able to deliver good value. So on [indiscernible], it is not operated by ourselves, this is operated by Shell. So, it will be natural to confer with them on the specifics. But clearly, it is a gas and condensate field. And it is an asset that we like and support and we stand fully behind Shell in sort of the way forward on that asset.
Bard Glad Pedersen: And the next question is Teodor Sveen-Nilsen from Sparebank 1 Markets.
Teodor Sveen-Nilsen : Two questions. The first on Sverdrup. the field is currently producing very well. I just wondered, should we expect the current level, also next year? Also noticed, also added that the lift is loading has declined substantially over the past few weeks. Should we read anything out of that when it comes to fourth quarter production from Sverdrup? Second question is on NCS, gas, and of course, there has been a lot of maintenance there in the past few months, so we should reduce production. Just wondering, could you discuss whether we should relate this to the very high production last year? That some of the maintenance was skips and that is the reason why we see low production this year? Or is that totally unrelated from last year’s strong gas production? Thanks.
Torgrim Reitan: Okay. Thanks, Teodor. So, on Johan Sverdrup, very glad to see how Johan Sverdrup is performing with high production efficiency. And we will continue to produce at high levels. But of course, with the increased capacity, we will also sort of come off plateau at some point in time. It is expected to be coming off plateau in 2024 and 2025 as such. But as you know, we are actively working with the reservoir and getting to understand it better and optimizing it on a daily basis. We are, also working on a Johan Sverdrup phase 3, which will be a subsea development, with two templates typically and eight wells that we will try to tie in or we will tie into to the platform. And the purpose of that development is of course to maintain a high-level of production on Johan’s product continuously.
On sort of lifting, you shouldn’t put much to that. I mean, production is stable last week on Johan Sverdrup. On your second question, Teodor, on the gas production and whether the production issues we have seen this year is related to last year’s high production. And the answer to that is that is unrelated. So, there’s no sort of link back to that.
Bard Glad Pedersen: The next question is Alastair Syme from Citi.
Alastair Syme: Torgrim, can you talk about, just back on the renewables about your supply chain commitments? I mean, I think I remember you saying that on Empire Wind 1, there was already quite a lot of contracting a place around turbine supplies and maybe a Bard, but there doesn’t seem to be much remaining book value. So, I was just wondering how we square that out, or are we seeing break clauses or something in there? And then just secondly, I’m interested to hear what you’re seeing in the recent gas demand data in recent weeks. We can all see the aggregate data, but I’m sure you’ve got a lot more color on what different customer groups are doing, so I’d be really interested to hear that? Thank you.
