Wisting Oil Project Relaunched with Revised Concept

Norway's largest undeveloped oil discovery, Wisting, located in the Barents Sea with an estimated recoverable volume of just under 500 million barrels of oil equivalent, has been officially relaunched for development after being suspended in 2022. Operator Equinor has submitted an environmental impact assessment for public consultation, highlighting "significant improvements" made to the project since its postponement.

Key Changes and Technical Solutions

The main difference from the previous development concept is the rejection of power from shore due to technical complexity and high costs. Instead, the project partners are assessing the potential for carbon capture and storage (CCS) on board the planned newbuild floating production, storage, and offloading (FPSO) vessel to reduce carbon dioxide emissions from production. Equinor noted that the CCS solution is relevant given the size of the power facility and the newbuild nature of the installation. The company is also continuing work on power generation based on an energy-efficient gas turbine solution.

Norwegian Industry Opportunities

Equinor emphasized that Norwegian suppliers will be given an "exclusive opportunity" to demonstrate competitiveness in the engineering, procurement, and construction of modules for the FPSO. Procurement activity will create significant opportunities for equipment suppliers in Norway, though the hull of the FPSO cannot be built at Norwegian yards due to size and infrastructure constraints. The largest and most lasting ripple effects from Wisting will come from around 30 years of operations, with drilling, wells, and subsea development accounting for around half of the total investment, the majority of which will generate value creation in Norwegian industry.

Timeline and Partnership

The partnership plans to decide on final concept selection and possible continuation towards the end of 2026, with a final investment decision planned for the end of 2027. Equinor's senior vice president for project development, Trond Bokn, stated that "considerable work remains before we can determine whether there is a basis for a final investment decision." The Wisting partnership comprises Equinor (42.5%), Aker BP (27.5%), Petoro (20%), and Inpex (10%).