Norway's largest untapped oil field moves closer to development in the Barents Sea

Equinor and its partners have submitted environmental impact assessment documents for the Wisting field development in the Barents Sea. The project, if realised, would unlock Norway’s largest untapped oil discovery on the continental shelf, with nearly 500 million barrels of oil equivalent in estimated recoverable resources. The Wisting field was discovered in 2013 but was put on hold in 2022 due to rising development costs. It lies 310 kilometres north of Hammerfest in the Barents Sea. The license is shared between Equinor Energy AS, Aker BP ASA, Petoro AS, and INPEX Idemitsu Norge AS, with respective stakes of 42.5%, 27.5%, 20%, and 10%.

Development plans involve using a floating production, storage, and offloading vessel (FPSO). The partners aim to finalise their concept selection by the end of 2026 and reach a final investment decision by the end of 2027. A 16-week consultation period for the environmental impact assessment is currently underway. If approved, the Wisting project could provide long-term benefits for Norway’s supply industry and broader society. The field’s development would mark a significant step in accessing one of the country’s largest remaining oil resources.