Equinor and its partners submitted for public consultation the proposed program for the environmental impact assessment of the Wisting project, a key step in developing the largest oil discovery still undeveloped on Norway’s continental shelf.
The field, located in the Barents Sea, has estimated recoverable resources of around 500 million barrels of oil equivalent and represents one of the most significant offshore projects for the future of Norwegian oil production.
The project remains in the early phase
Although the environmental program has already been submitted for public consultation, Equinor clarified that Wisting’s development is still at an early stage and that its continuation will depend on further improvements to ensure a competitive and profitable project.
The public consultation will last 16 weeks, during which authorities, organizations, and other stakeholders may submit comments before moving on to the next stages of the regulatory process.
Trond Bokn, Equinor’s Senior Vice President of Project Development, explained that the project has evolved significantly since it was postponed in 2022, although various studies will still need to be completed before a final investment decision is made.
An FPSO and a potential carbon capture solution
The partnership selected a floating production, storage and offloading (FPSO) unit as the development concept, a solution widely used for offshore operations in areas far from the coast.
During the engineering work, the integration of a carbon capture and storage (CCS) system will also be assessed, with the aim of reducing carbon dioxide emissions associated with the facility’s power generation.
The project could boost Norway’s industry for decades
If it receives final approval, Wisting will have a significant impact on the national supply chain. Equinor estimates that a large share of activities related to drilling, well construction, subsea development, and operations will be carried out in Norway, generating jobs and opportunities for supplier companies for approximately 30 years.
The company also expects Norwegian suppliers to take part in the engineering, fabrication, and integration of modules for the FPSO, while the vessel’s hull will have to be built outside the country due to infrastructure limitations at Norwegian shipyards.
The investment decision is expected in 2027
Equinor and its partners are currently developing technical and economic studies to define the project’s final concept before the end of 2026. Subsequently, if viability conditions are met, the final investment decision (FID) is planned for the end of 2027.
The consortium responsible for Wisting comprises Equinor Energy AS (42.5%), Aker BP ASA (27.5%), Petoro AS (20%) and INPEX Idemitsu Norge AS (10%), stakes that remain subject to approval of the announced transactions between Equinor and Aker BP.
Source and photo: https://www.equinor.com/
