Equinor Makes Oil Discovery in Barents Sea

Dow Jones03-18

By Dominic Chopping

Equinor has made an oil discovery in the Barents Sea offshore Norway that will be connected to existing infrastructure in the Johan Castberg field.

The Norwegian energy major said Wednesday that according to preliminary estimates the discovery holds between 14 million and 24 million barrels of recoverable oil equivalents.

Equinor originally estimated volumes of 500 million to 700 million barrels in the Johan Castberg field, but it now has an ambition to increase this by an additional 200 million to 500 million barrels, the company said.

"It is encouraging that we are now making new discoveries in the area," said Grete Birgitte Haaland, area director for exploration and production north at Equinor.

"We plan to drill one to two exploration wells annually in this region going forward to increase the resource base and maintain plateau production for a longer period."

Partners in Johan Castberg include Equinor as operator with a 46.3% stake, Var Energi with 30% and Petoro with 23.7%.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 18, 2026 04:09 ET (08:09 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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