Equinor brings key FPSO on line off Norway copy

Equinor brings key FPSO on line offshore Norway

Norway

STAVANGER, March 31, 2025 – Equinor has brought the Johan Castberg FPSO on stream in the Barents Sea north of the Norwegian coast, the company said on Monday.

The Johan Castberg vessel can produce 220,000 bopd, and recoverable volumes are estimated at between 450 million and 650 million barrels.

The field, being developed at a cost of USD 8.2 billion, will be producing for 30 years and bolsters Norway’s role as a reliable and long-term supplier of energy, the company said.

“This is a red-letter day. The Johan Castberg field will contribute crucial energy, value creation, ripple effects and jobs for at least 30 years to come. We expect that this major field development with a price tag of NOK 86 billion [USD 8.2 billion] (2024) will be repaid in less than two years,” Equinor’s executive vice-president for projects, drilling and procurement Geir Tungesvik said.

Twelve of the 30 total wells are ready for production, which is sufficient to bring the field up to expected plateau production in Q2 2025.

Drilling of the 30 wells is expected to continue until late 2026.

“Johan Castberg opens a new region for oil recovery and will create more opportunities in the Barents Sea. We’ve already made new discoveries in the area and will keep exploring together with our partners. We’ve identified options to add 250 million-550 million new recoverable barrels that can be developed and produced over Johan Castberg,” Kjetil Hove, Equinor’s executive vice-president for exploration and production in Norway, said.

“Johan Castberg has been a massive and challenging project, and I want to extend my very sincere thanks to everyone who contributed on the road leading to first oil and operation, both our partners Vår Energi and Petoro, our suppliers and our own employees. Seventy-nine million hours of work have been recorded in the project, and the HSE results are very good. Now the field will produce for 30 years and generate substantial values,” Tungesvik said.

Johan Castberg is the second oilfield to be developed in the Barents Sea and Norway’s northernmost field.

The project is operated by Equinor Energy with 46.3%, working alongside Vår Energi (30%) and Petoro with 23.7%.

Photo courtesy of Equinor