Johan Castberg starts production

Production from the Johan Castberg field commenced on 31 March, marking the start of a new era in the Barents Sea region. The field will contribute with 66 thousand barrels of oil per day (kbopd) net to Vår Energi at plateau levels and is an important catalyst for the Company to deliver on its growth target of reaching more than 400 thousand barrels of oil equivalent per day (kboepd) in fourth quarter this year.

The Equinor operated Johan Castberg FPSO has a gross capacity of 220 kbopd, and the field holds gross recoverable volumes of between 450 and 650 million barrels of oil. 12 production wells are now ready to be put on stream, sufficient to bring the field to plateau levels in the second quarter of 2025. A total of 30 wells will be drilled at the Johan Castberg field, and drilling operations are expected to continue towards the end of 2026.

Johan Castberg reinforces the role of the Barents Sea as a major energy provider to Europe, while creating value for all stakeholders, including major ripple effects in northern Norway. The Johan Castberg area is highly prospective, and several new discoveries made in recent years are already being matured into projects, including Johan Castberg Cluster 1. Cluster 2 is progressing through near-field exploration, and an extensive infill drilling program is being planned. In total, there are between 250 and 550 million barrels of oil of additional gross unrisked recoverable resources identified in the area.

Johan Castberg is located 240 kilometres northwest of Hammerfest. The field has a supply and helicopter base in Hammerfest.

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