The joint venture partners in Norway's Wisting oilfield, the country's largest undeveloped standalone prospect, have missed a key end-of-November deadline to select a development concept. The field, holding 500 million barrels of recoverable oil in the Barents Sea, is seen as crucial for maintaining activity in Norway's energy services sector after current projects are completed.

Project Challenges and Delays

The Equinor-led partnership suspended the project in late 2022 to rework plans to reduce capital costs and complexity. The recent delay in concept selection is attributed to the project's large scale, high uncertainty, costs, and risks. Internal joint venture disagreements exist around the engineering, procurement, and construction (EPC) strategy, the solution for associated gas, and how to power the floating production, storage and offloading (FPSO) vessel.

Development Vision and Regulatory Context

Despite delays, there remains a firm belief the project will proceed, with a final investment decision likely in 2026. The Norwegian Offshore Directorate supports a development where Wisting becomes a hub for the northern Barents Sea, incentivizing further exploration and development in the area. The partnership must resolve its internal issues to satisfy the regulator.

Reshaped Concept and Contractors

The ongoing "Wisting Reshape" work has moved away from earlier plans. The current concept is based on a traditional ship-shaped FPSO, modelled on the Johan Castberg vessel, rather than a previously favored cylindrical design. It also drops a power-from-shore solution and incorporates an onboard carbon capture and storage (CCS) capability. Several contractors are already involved in concept studies, including Aker Solutions, OneSubsea, Subsea7, National Oilwell Varco's APL, and Technip Energies' Kanfa.

Local Content and Strategic Importance

A point of contention within the partnership is the percentage of EPC work to be done locally in Norway versus overseas. While Asian shipyards are seen as obvious fabricators for the FPSO hull, Norwegian service companies like Aker Solutions are eager for involvement. The field's strategic importance is underscored by Petoro, which manages the state's direct financial interest, listing Wisting as a top priority for realization in its portfolio.