State-owned Norwegian energy giant Equinor has submitted a proposed environmental impact assessment (EIA) program for a potential field development in the Barents Sea for public consultation.
Equinor and its partners’ proposal for an EIA program has been submitted for public consultation for 16 weeks as part of the ongoing maturation of the Wisting field development projectwhich is still at an early stage; Therefore, further progress will depend on making additional improvements to achieve a profitable and viable project.
Wisting is described as the largest oil discovery on the Norwegian Continental Shelf (NCS) yet to be developed, with recoverable quantities estimated at just under 500 million barrels of oil equivalent. The partnership has selected a floating production, storage and offloading (FPSO) vessel for the project.
The project will also evaluate the potential for carbon capture and storage (CCS) to reduce CO2 emissions from production, given the size of the energy facility and the fact that the facility is being developed as a new building. Further maturation work and sub-studies are now underway, according to the Norwegian giant.
Equinor explains that any continuation of the CCS solution will depend on the necessary technological and regulatory conditions being in place within acceptable time and cost frameworks, both for the power turbines and for the potential CCS facility.
While the partnership plans to decide on final concept selection and potential continuation until the end of 2026, solutions need to meet requirements for safe and efficient operations in the Barents Sea, with a final investment decision (FID) planned for the end of 2027.
Trond BokenEquinor’s Senior Vice President of Project Development commented: “We have made significant improvements to Wisting since the postponement in 2022, but significant work remains before we can determine whether there is a basis for a final investment decision.
“Power from shore was thoroughly evaluated but was excluded due to technical complexity and high costs. We now continue our work in power generation based on an energy-efficient gas turbine solution.”
Wisting has the potential to generate significant revenues for Norwegian society if developed, creating significant multiplier effects in the country’s supplier industry, both during the development phase and throughout operations.
The project’s largest and most lasting impacts are expected to come from approximately 30 years of operations, as almost all operations-related activities will take place in Norway and will contribute to value and job creation in the industry nationally and regionally for decades to come.
While drilling and wells, along with subsea development, account for about half of the total investment in Wisting’s development, the majority of the activity will generate value creation in the Norwegian industry, with local suppliers being given an exclusive opportunity to demonstrate competitiveness in engineering, procurement and modular construction of the production vessel.
In addition, the procurement activity is set to create significant opportunities for several equipment suppliers in Norway, but the structure itself cannot be built in Norwegian yards due to the size and infrastructure needed.
Wisting’s licensees are Equinor (42,5%), Aker BP (27,5%), Petoro (20%), and Inpex Idemitsu Norge (10%), after the first two players. Complete previously disclosed transactionsawaiting government approval.
Wisting in PL 537 is located about 310 kilometers north of Hammerfest in water depths between 390 and 418 metres, and was discovered in 2013 in the Hope area of the Barents Sea.
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