The Norwegian state-owned energy group Equinor has announced that its Johan Castberg oil field in the Arctic of the Barents Sea has reached its maximum capacity of 220,000 bbl/d, following the commissioning of a new production vessel (FPSO) in March 2025. Out of 30 production wells, 17 of them have been completed and the company expects this field to be able to produce over 30 years.
Initial reserves at Johan Castberg are estimated at between 450 and 650 mbl, but could increase by another 250 to 550 mbl as new wells continue to be drilled. The company is already planning six new wells as part of the Isflak project to expand production from the plateau, with a new investment decision by the end of 2025 and a start in 2028.
The Johan Castberg field consists of the Skrugard, Havis and Vritis discoveries, made between 2011 and 2014. Equinor is the operator with a 46.3% stake, in partnership with Vår Energi (30%) and Petoro (23.7%).
Norway produced around 2 mb/d of crude oil and NGL in 2024.