22 Dec Equinor Update on Snøhvit Future project
(Oilandgaspress) Estimates for progress and costs for the Snøhvit Future project have been updated. The project has been postponed compared to the original plan and cost estimates have increased by approximately NOK four billion since 2024.
Cost estimates for the Snøhvit Future project were not ready for this year’s reporting, but it was communicated that investments would increase.
The cost estimate for the project is now more than NOK 20 billion (2025). When the PDO was submitted to the authorities in 2022, the original cost estimate was NOK 13.2 billion. Adjusted for inflation, this corresponds to NOK 14.7 billion.
Other factors that have affected the progress and thus the cost development of the project over the past year:
The weather in the winter of 2024/2025 was worse than normal, limiting work in certain areas of the plant.
Increased engineering costs due to more complex integration into existing facilities.
The turnaround in the summer of 2025 was extended which postponed the resumption of project work on Melkøya.
High inflation has led to a significant increase in costs for the acquisition of equipment.
Owners:
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