Equinor's (EQNR) target of starting oil production at its Arctic Johan Castberg field has been set back again by inclement weather, Reuters reported Monday, citing a company spokesperson.
A spokesperson said in an email to Reuters that the energy company is in the "final stretch," but that it has "faced challenges with the weather, which is causing problems for both vessel and helicopter traffic."
The company had previously aimed to start production within the first two months of the year, after bad weather delayed the original target date set for the end of 2024.
The Johan Castberg oilfield, located in the Norwegian sector of the Barents Sea, is estimated to hold around 450 million to 650 million barrels of recoverable oil and its floating production, storage and offloading vessel has a capacity to produce 220,000 barrels per day, according to the report.
Equinor did not immediately reply to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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