On March 31, 2025, Equinor commenced production at the Johan Castberg oil field in the Barents Sea. The field is projected to operate for 30 years, according to the company's release.
Geir Tungesvik, Equinor's Executive Vice President for Projects, Drilling, and Procurement, stated, "This is a red-letter day. The Johan Castberg field will contribute crucial energy, value creation, ripple effects and jobs for at least 30 years to come. We expect that this major field development with a price tag of NOK 86 billion (2024) will be repaid in less than two years."
The field is expected to reach plateau production of approximately 220,000 barrels per day by the second quarter of 2025, with estimated recoverable volumes between 450 and 650 million barrels. Currently, 12 of the planned 30 wells are ready for production.
Kjetil Hove, Equinor's Executive Vice President for Exploration & Production Norway, highlighted, "Johan Castberg opens a new region for oil recovery and will create more opportunities in the Barents Sea. We've already made new discoveries in the area and will keep exploring together with our partners. We've identified options to add 250-550 million new recoverable barrels that can be developed and produced over Johan Castberg."
The Norwegian supplier industry contributed over 70% of deliveries during the development phase, a figure expected to rise to more than 95% during operations, with over 40% sourced from Northern Norway. The field's supply and helicopter base are located in Hammerfest, with operations managed from Equinor's office in Harstad. Drilling operations are anticipated to continue until late 2026.
Equinor is a Norwegian state-owned energy company and the operator of the Johan Castberg field, holding a 46.3% stake. Equinor is involved in oil and gas exploration, development, and production globally.