Equinor postpones Wisting investment decision to 2026

Equinor Energy AS and partners have postponed an investment decision on the Barents Sea Wisting project to end-2026 from December 2022.

The operator cited cost increases from global inflation and cost growth in the supply industry nationally and internationally as reasons for the delay, as well as uncertainty surrounding framework conditions and execution capacity in the supplier market.

The operator and partners will further mature the development concept and the power-from-shore solution, as well as consider new supplier models, Equinor said in a release Nov. 10.

Further exploration activity aiming to increase the resource base in the area is planned, added Aker BP chief executive officer Karl Johnny Hersvik in a separate release. Aker BP holds 35% non-operated interest.

The project, with an updated investment estimate of NOK 104 billion, lies in production license (PL) 537 in the Hoop area 310 km north of Hammerfest in water depth of 390-418 m.

Equinor is operator with 35% interest. Partners are Aker BP AS (35%), Petoro AS (20%), and INPEX Idemitsu Norge AS (10%).