Norwegian energy company Equinor and its partners will invest more than NOK4 billion ($395.8 million) to develop the Isflak oil discovery within the Johan Castberg licence 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 per cent stake in the Johan Castberg licence, while Vaar Energi owns 30 per cent and state-owned Petoro 23.7 per cent.
The company recently launched an internal reorganisation to prioritise 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.
(Reporting by Nerijus Adomaitis, editing by Essi Lehto)
