On behalf of its joint venture partners, Equinor has revised the investment estimate for the Snøhvit Future development to NOK26.5bn. This marks a significant increase from the original proposal, driven by complex rock conditions in the power cable tunnel, adverse weather and unforeseen operational challenges at the Hammerfest liquefied natural gas facility.
Despite escalating costs, the overall execution schedule remains firmly on track. The complex is currently 60% complete following the installation of a major compressor module in August. To counteract declining reservoir pressures, the operator will deploy onshore gas compression by 2029.
Subsequently, the site will undergo full electrification by 2030. Replacing existing gas turbines with onshore grid power will eliminate 850,000 tonnes of carbon dioxide emissions annually.
Track more details on the Snøhvit Future project directly on EICDataStream.