Equinor, the operator of the Wisting field, has awarded a FEED (Front End Engineering Design, Procurement, and Project Management) contract for the upper section of the planned production vessel at this field to Aibel. This contract was signed following a competitive tender among Norwegian suppliers, and according to Aibel, around 250 people will be employed on this project. A contract for the construction of the upper modules will be awarded in the near future.
Project Details and Decision-Making Timeline
Trond Bokn, Senior Vice President of Equinor for project development, stated: "We are in the early stages of developing the Wisting field, and there is still a lot of work to be done to develop a profitable and viable project." He added that the FEED work "will be a key basis for potential investment decision-making."
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Equinor's partners plan to select a development concept by the end of 2026 and decide whether to proceed with the development of the Wisting field. The investment decision is scheduled for late 2027. If developed, the Wisting field is expected to be operational for 30 years. Drilling, wells, and subsea development costs account for nearly half of the total investment.
Shareholder Composition and Market Share
Equinor is the operator of the Wisting field with a 42.5% stake. Other project partners include Aker BP with 27.5%, Petoro with 20%, and Inpex Idemitsu Norway with 10%. This shareholder composition reflects close collaboration between Norwegian and international oil companies for the development of this field.
The Wisting field is located in the Barents Sea and is recognized as one of the key projects in Norway's oil industry. The field is currently undergoing preliminary assessments to evaluate feasibility and profitability, and it is expected to become one of the significant projects in the future given the available resources.
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