Project Overview

Wisting is the largest undeveloped oil field on the Norwegian Continental Shelf and is widely regarded as the world's northernmost proposed major offshore oil development. Located in the Eastern Barents Sea, approximately 310 km north of mainland Norway. The field holds close to 500 million barrels of recoverable oil equivalent at approximately 390 to 418m water depth. The field is operated by Equinor, with licensees including Aker BP, Petoro AS, Idemitsu Kosan & Inpex Corporation. 

The project is now advancing an energy-efficient gas-turbine solution for onboard power generation. Partners are also assessing the potential for carbon capture and storage (CCS) on the new-build FPSO (Floating Production, Storage & Offloading) to reduce CO₂ emissions from production; any CCS decision will depend on technology readiness, regulation and economics. 

The concept evolution reflects the challenging economics of Arctic offshore development. The original 2021 concept, a specialised circular FPSO with Arctic-grade process systems, 80 MW of power from a 340 km cable, and full year-round operability, generated a development cost estimate of NOK 60–75 billion. The revised concept abandons the most expensive features (circular hull, power-from-shore cable) in favour of a more conventional FPSO design with a lower capital cost basis, improved construction schedule confidence, and simpler operational maintenance in the Arctic environment. 

Wisting FPSO Location

The proposed Wisting FPSO will be located in the Hoop area of the Barents Sea, on the Norwegian Continental Shelf, within Production Licence PL 537. The field is situated approximately 310 km north of Hammerfest, off the northern coast of Norway, at a water depth of approximately 390 to 418m. 

Project Background

The Wisting oil field was discovered in 2013 when exploratory well 7324/8-1 was drilled in PL 537 in the eastern Barents Sea. Two delineation wells, 7324/7-3 S (2016) and 7324/8-3 (2017), confirmed the field's extent and resource estimates of close to 500 million barrels of oil equivalent, placing Wisting as the most significant undeveloped oil discovery on the NCS and the largest Arctic offshore oil discovery in decades.

In November 2021, Equinor awarded a FEED (Front-End Engineering Design) contract to Aker Solutions worth NOK 350 million (USD 40 million) for a specialised circular FPSO design, with an option for a full EPCI contract of up to NOK 12 billion (USD 1.4 billion). The concept included a 340 km power-from-shore cable to supply the FPSO's 80 MW power requirement with electricity from the Norwegian grid rather than gas turbines, a feature designed to near-eliminate operational CO2 emissions and strengthen the project's environmental case. 

The partnership changed composition following major corporate events in the Norwegian oil sector. Lundin Energy Norway merged with Aker BP in 2022, creating an enlarged Aker BP that absorbed Lundin's Wisting stake. The current licensee groups are: Equinor (42.5%), Aker BP (27.5%), Petoro AS (20%), and Inpex Corporation & Idemitsu Kosan (10%).

On November 10, 2022, Equinor announced that the final investment decision (FID) planned for December 2022 would be postponed. The company stated three reasons:

• Cost escalation driven by global inflation in the oil & gas supply industry.

• Uncertainty about the framework conditions for Arctic development.

• Uncertainty about execution capacity in the supply industry.

The development concept underwent a fundamental rethink during 2023–2025. The specialised circular FPSO, designed for the Barents Sea's unique combination of ice, storms, and extreme cold, was replaced by a more conventional FPSO configuration. The revised concept relies on gas turbines for onboard power generation, with CCS being evaluated as an emissions mitigation option. It was confirmed in the 25 June 2026 update, which simultaneously pushed the FID (Final Investment Decision) target to the end of 2027, with a final concept decision by the end of 2026. 

Wisting FPSO Current Status

As of August 2026, Wisting remains pre-FID. Recently, Equinor confirmed on 25 June 2026 its decision to rule out power from shore. The earlier concept of running a 340 km submarine power cable from mainland Norway to eliminate FPSO gas turbine emissions has been abandoned on grounds of technical complexity and high cost. Instead, the current preferred concept uses a conventional FPSO powered by energy-efficient gas turbines aboard the vessel.

A decision on the final development concept is expected by the end of 2026; if the project advances, FID is now targeted for the end of 2027, a further one-year delay from the earlier end-of-2026 FID target and approximately five years behind the original December 2022 FID plan. 

Stakeholder Details

Wisting FPSO Project Cost Details

Project Timeline

Design & Engineering Details

Conclusion

The Wisting FPSO project marks a major offshore development project that aims to commercialize recoverable resources in the Barents Sea. Its planned configuration provides a standalone solution for developing a remote field with limited regional infrastructure. 

The project expects to deliver long-term production and strengthen Norway’s offshore petroleum portfolio, while also requiring robust engineering, logistics, safety and environmental management systems suited to harsh Arctic conditions. 

The project has been delayed because of cost escalation, supplier-market constraints and uncertainty regarding its power and emissions strategy. It expects possible carbon capture measures in the future. 

The environmental assessment programme is now progressing, with final concept selection targeted for the end of 2026 and a final investment decision planned for the end of 2027, subject to satisfactory project economics, regulatory approvals and continued cost and emissions improvements. 

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