Equinor (EQNR) has updated the cost estimate for the Snohvit Future project in Norway to 26.5 billion Norwegian kroner ($2.78 billion) in 2026 value, up from just over 20 billion kroner in 2025 value, the company said Wednesday.

Equinor cited operational issues at the Hammerfest LNG plant, adverse weather and challenging rock conditions in the power cable tunnel as factors affecting project costs and progress.

The project is about 60% complete, with compression and electrification still targeted for 2029 and 2030, respectively, the company said.

TotalEnergies (TTE) is a partner in the project.

Equinor shares were down 1.2% in premarket activity, while TotalEnergies rose 1.1%.