Equinor (EQNR) said Thursday that it has decided to shelve plans to supply power to the Wisting oilfield from shore, citing technical complexity and high costs.
"Power from shore has been thoroughly assessed but was ruled out due to technical complexity and high costs. We are now continuing our work on power generation based on an energy-efficient gas turbine solution," says Trond Bokn, Equinor's senior vice president for project development.
Equinor submitted an environmental impact assessment program for the proposed Wisting development to public consultation on Thursday, advancing plans for an almost 500 million-barrel oil-equivalent project.
Wisting remains in the early development stage, with the partners targeting final concept selection by the end of 2026, following further improvements in the project's profitability and commercial viability, Equinor said.
Wisting is the largest undeveloped oil discovery on the Norwegian continental shelf, with estimated recoverable resources of just under 500 million barrels of oil equivalent.
The partners selected a floating production and storage vessel as the preferred development solution.
The project will also evaluate a carbon capture and storage solution to reduce production-related carbon dioxide emissions.
Equinor said the concept suits Wisting because the development involves a newbuild installation with a large power facility.
The partners plan to make a final investment decision by the end of 2027, provided technological, regulatory, cost and timing requirements support a carbon capture and storage solution.
The project must also meet safe and efficient operating standards in the Barents Sea.
The environmental assessment proposal will remain open for public consultation for 16 weeks. Wisting's license holders are Equinor Energy with a 42.5% stake, Aker BP with 27.5%, Petoro with 20% and Inpex Idemitsu Norge with 10%.
Price: $31.33, Change: $-0.27, Percent Change: -0.85%