Investment decision for the Wisting project is postponed

[10.11.2022]
Illustration: Equinor
It has today been announced that the partnership in the Wisting license has chosen to postpone the investment decision for the project.

- Together with operator Equinor and the partnership, we support the decision to postpone the investment decision to contribute to an improved and financially robust project, says Petoro CEO Kristin F. Kragseth. - Petoro has worked actively with the Wisting project ever since the first discovery in 2013 and has put in a significant effort to make the development technically and environmentally sound so that the field can produce safely. 

The updated investment estimate for Wisting is now NOK 104 billion, and based on strong inflation, capacity challenges in the supply industry, as well as uncertainty related to framework conditions for the project, the license has decided to postpone the investment decision until 2026.

Wisting is the largest current oil discovery on the Norwegian continental shelf, and the Barents Sea and Northern Norway are an important part of the further development of Norwegian petroleum activities. - Petoro is a participant in several exploration licenses in the area, and now wants to join with the specific partnerships aiming to increase the resource base at and around the Wisting licence, says license and technology director at Petoro Kjell Morisbak Lund.

 - Our view is that the Wisting area still has great opportunities for value creation both for the owners and society, through ripple effects, income for the state and further development of the Barents Sea, emphasizes Kragseth.

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