The Norwegian oil and gas company Equinor has brought on stream the Johan Castberg oil field, located in Norwegian waters of the Barents Sea. The field has recoverable resources estimated at between 450 mbl and 650 mbl. Currently, 12 of the 30 total wells are ready for production, sufficient to bring the field up to expected plateau production in the second quarter of 2025, according to Equinor. Drilling operations are expected to continue at the field until late 2026. At peak capacity, the field will be able to produce 220 kb/d of crude oil over a period of 30 years.
The Johan Castberg field consists of the Skrugard, Havis and Drivis discoveries, which were made between 2011 and 2014. Equinor is the operator with a 46.3% stake, in partnership with Vår Energi (30%), and Petoro (23.7%).
As of end-2023, Norway’s crude oil proved reserves stood at 934 Mt (6,818 mbl). The country produced nearly 96 Mt (724 mbl) of crude oil and NGL in 2023.