Equinor Plans $8.8 Billion Development World’s Northernmost Oil Field

Located in the Arctic Barents Sea and containing close to 500 million boe, the Wisting development is subject to a final investment decision by Equinor and its partners by the end of 2022.

Reuters

Norway’s Equinor ASA said on Nov. 10 it plans to invest up to 75 billion Norwegian crowns (US$8.80 billion) to develop the Wisting petroleum discovery, set to become the world's northernmost oil field.

Located in the Arctic Barents Sea and containing close to 500 million boe, the Wisting development is subject to a final investment decision by Equinor and its partners by the end of 2022, the company said in a statement.

Norway’s new government, which took office last month, is determined to continue developing the oil industry, a major source of jobs and export revenue, despite mounting opposition from environmental groups amid fears of climate change.

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