Equinor Kicks Off Production at Johan Castberg in Barents Sea

Equinor EQNR, the Norwegian energy giant, has commenced production at the Johan Castberg oil field in the Barents Sea, marking a milestone in Norway’s northernmost offshore oil development. The field, expected to produce for 30 years, is a key asset for Equinor and its partners, Var Energi ASA and Petoro AS.Production at Johan Castberg began on March 31, 2025, with 12 of the 30 planned wells ready for operation. Equinor expects the field to reach plateau production by the second quarter of 2025 while drilling operations will continue until late 2026. The field comprises the Skrugard, Havis, and Drivis discoveries, made between 2011 and 2014, located approximately 100 km north of the Snøhvit field in water depths ranging from 360 to 390 meters.The Johan Castberg field is developed using a floating production, storage, and offloading (FPSO) vessel tied to a subsea system comprising 30 wells distributed across 10 well templates and two satellite structures. The FPSO has a gross oil production capacity of 220,000 barrels per day (b/d) and a design storage capacity of 1.1 million barrels. The field holds estimated recoverable reserves of 450-650 million barrels of oil.Equinor and its partners see a significant upside in the Johan Castberg area. Var Energi has highlighted new discoveries being matured into projects, including Johan Castberg Cluster 1, while Cluster 2 is advancing through near-field exploration. An extensive infill drilling program is also being planned. The total additional unrisked recoverable resources in the region are estimated to be in the range of 250-550 million barrels of oil.Equinor operates the Johan Castberg field with a 46.3% stake, alongside Var Energi (30%) and Petoro (23.7%). The field’s startup strengthens Equinor’s position in the Barents Sea, providing a long-term production source that aligns with Norway’s offshore growth strategy. With expansion opportunities already identified, Johan Castberg is set to play a crucial role in Norway’s upstream oil industry.EQNR’s Zacks Rank & Key PicksEQNR currently carries a Zacks Rank #3 (Hold).Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, NextDecade Corporation NEXT and W&T Offshore, Inc. WTI. While Archrock presently sports a Zacks Rank #1 (Strong Buy), NextDecade and W&T Offshore carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.NextDecade is an emerging player in the LNG space with its Rio Grande LNG project in Texas. As demand for LNG continues to grow, the company’s strategic investments in infrastructure and planned liquefaction capacity provide strong upside potential. With the global LNG market expanding, NEXT is well-positioned to capitalize on the growing export demand from the United States.W&T Offshore leverages its strong Gulf of Mexico assets, which offer low decline rates and significant untapped reserves. The company recently expanded its portfolio with six shallow-water field acquisitions, adding substantial proven and probable reserves. Focused on high-return organic projects, WTI has maintained positive cash flows for 27 consecutive quarters.7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.3% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report W&T Offshore, Inc. (WTI): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis Report NextDecade Corporation (NEXT): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks