Baku, Azerbaijan, March 31. Equinor’s Johan
Castberg oil field in the Barents Sea began production, marking a
significant milestone for Norway’s energy sector, Trend reports.
The field is expected to produce for at least 30 years, with
peak production reaching 220,000 barrels per day. Recoverable
volumes are estimated to range from 450 to 650 million barrels.
The field’s development cost NOK 86 billion (2024) and is
expected to be repaid in under two years. Currently, 12 of the 30
planned wells are ready for production, and the field is projected
to reach full production capacity by the second quarter of
2025.
Equinor’s Kjetil Hove emphasized that Johan Castberg opens up
new opportunities in the Barents Sea, with potential for an
additional 250 to 550 million barrels of recoverable oil. Over 70%
of the project’s deliveries were made by Norwegian suppliers, with
this figure set to increase to 95% during operation, including a
significant share from Northern Norway.
The field will generate significant revenues for Norway, with
84% of its income going to the state through taxes and direct
participation. Operations are expected to continue until late 2026,
with substantial activity in Hammerfest.