Equinor, Vår Energi, Petoro to Invest NOK4 Billion in Johan Castberg Oil Field in Norway

03:15 AM EST, 12/11/2025 (MT Newswires) -- Equinor (EQNR.OL), Vår Energi (VAR.OL), and Petoro decided to invest 4 billion Norwegian kroner at the Johan Castberg oil field in the Barents Sea, according to a Thursday release. The partners will start with the development of the Isflak development, which consists of two wells and a subsea template. It is expected to start production in the fourth quarter of 2028. The project, which is estimated at 46 million barrels, is owned 46.3% by operator Equinor, 30% by Vår Energi, and 23.7% by Petoro.