Equinor postpones two oil and gas projects on the Norwegian Shelf

14 Oct 2021

Equinor has delayed the start-up of the Johan Castberg oil project from end-2023 to end-2024. The cost of the project, which is expected to produce between 400 mbl and 650 mbl of oil, is now estimated at NOK59bn (€6bn), up from a NOK53bn (€5.4bn) estimate a year earlier. The project was initially expected to start operations in late 2022, at a cost of NOK 51bn. Equinor has also postponed by one year the start of the Njord Future project, to late 2022. The cost of this project, which will recover remaining resources totalling 13.7 bcm of natural gas, 45 mbl of NGL and 31 mbl of oil, has surged by 80% since the PDO (Plan for development and operation) to NOK 29.5bn (€3bn).

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