Equinor Discovers Significant Gas Near Johan Castberg Field, Barents Sea

Equinor and its partners have made a significant natural gas discovery in the Skred prospect near the Johan Castberg oilfield in the Barents Sea, estimated to contain between 0.3 and 0.5 billion standard cubic meters of recoverable gas, equivalent to 1.9 to 3.1 million barrels of oil equivalent. The discovery, located about 23 kilometers north of Johan Castberg and 210 kilometers northwest of Hammerfest, is being evaluated for a possible tie-in to the Johan Castberg infrastructure, which could optimize production and reduce development costs and carbon intensity. Johan Castberg is already fully operational, producing at peak capacity and expected to support Norway's oil exports for 30 years, playing a key role in Europe's energy supply. The discovery supports Norway's strategy of maximizing resource recovery and aligns with plans for a Barents Sea “Gas Bank” to consolidate future gas volumes for export. Equinor, holding a 46.3% stake in the license, plans ongoing exploration drilling near Johan Castberg to boost reserves and production. Market analysts provide a “Hold” rating for Equinor stock, noting a potential downside in trading price despite the positive discovery news.