EQNR - Equinor plans $8.8B development of Wisting oilfield in Barents Sea

Equinor (NYSE:EQNR) plans to invest up to 75B Norwegian crowns (~$8.8B) to develop the Wisting petroleum discovery, which would become the world's northernmost oilfield, Reuters reports. Equinor says the Wisting development, which contains ~500M boe, is subject to a final investment decision by the end of 2022. The company says it signed a contract with Aker Solutions valued at 350M crowns for front-end engineering and design of a floating production and storage vessel for the Wisting field. The contract iincludes an option for Equinor to order engineering, procurement, construction and installation work estimated at another 8B-12B crowns. Equinor owns a 35% stake in the Wisting discovery, while Sweden's Lundin Energy (OTCPK:LNDNF) recently said it will buy OMV's (OTCPK:OMVJF) 25% stake, raising its ownership to 35%. Equinor recently announced plans to invest 25B-35B crowns to develop the NOAKA oil and gas fields in the North Sea.

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Equinor plans $8.8B development of Wisting oilfield in Barents Sea