Equinor to invest $400 mln to develop Arctic Isflak oil discovery

Var Energi ASA

11/12/2025 07:39

OSLO, Dec 11 (Reuters) - Equinor and its partners will invest more than 4 billion Norwegian crowns ($395.8 million) to develop the Isflak oil discovery within the Johan Castberg license in the Barents Sea, the company said on Thursday.

The Isflak discovery, estimated to hold around 46 million barrels of oil, will be developed through a subsea installation tied back to the Johan Castberg production vessel. First oil is expected in the fourth quarter of 2028, Equinor added.

Equinor holds a 46.3% stake in the Johan Castberg license, while Vaar Energi owns 30% and state-owned Petoro 23.7%.

The company recently launched an internal reorganization to prioritize subsea developments like Isflak, as no major discoveries remain that would justify building new standalone platforms, except for the Wisting field, also in the Barents Sea.

Equinor said it plans about 75 subsea projects over the coming years.

($1 = 10.1052 Norwegian crowns)

 (Reporting by Nerijus Adomaitis, editing by Essi Lehto)

 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))