Norway approves $400M subsea expansion at Johan Castberg field to boost oil output by up to 46 million barrels by 2028.

Norway’s oil and gas consortium, led by Equinor, Vår Energi, and Petoro, has approved a NOK 4 billion subsea expansion at the Johan Castberg field in the Barents Sea, targeting start-up by late 2028. The Isflak project, using existing infrastructure and standardized designs, adds two new wells and could recover up to 46 million barrels of oil. It supports broader efforts to extend production through 2030 and potentially beyond, with up to 550 million additional barrels recoverable across the field. The development reflects Norway’s shift toward faster, lower-cost subsea projects tied to existing hubs, reducing emissions and sustaining domestic energy output.