Equinor to invest US$400 million in developing Arctic oil discoveries | Businesses

The Isflak discovery, estimated at approximately 46 million barrels of oil, will be developed via a subsea facility connected to the Johan Castberg production platform.

First oil production is expected in the fourth quarter of 2028, Equinor added.

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

The company recently initiated an internal reorganization to prioritize subsea development, such as Isflak, as there are no longer any major discoveries justifying the construction of new independent platforms, with the exception of the Wisting field, also in the Barents Sea.

Equinor said it plans around 75 subsea projects in the coming years.