Equinor Lifts Snøhvit Future Cost Estimate to NOK 26.5bn but Keeps Timetable
Equinor has lifted its estimate for the Snøhvit Future upgrade at the Hammerfest LNG plant to NOK 26.5bn, about 74% above the 2022 plan in today's money, while saying the schedule is unchanged.
Equinor (OSE: EQNR), the Norwegian oil and gas group, has raised the estimated cost of its Snøhvit Future project at the Hammerfest LNG plant to NOK 26.5bn. It says the timetable is unchanged, and its shares were little changed around the announcement.
Equinor shares closed today at NOK 403.5, down 1.59% from NOK 410.0 at the previous close. They traded at about NOK 404.5 at 9.15am and NOK 403.9 at 9.30am, either side of the 9.24am UK-time release. Since 1 July the highest close was NOK 423.8 on 14 September and the lowest NOK 310.5 on 1 July.
Equinor (EQNR.OL) daily closing share price in NOK, 1 July – 7 October 2026, with the period high (14 September) and low (1 July) marked around the Snøhvit Future cost update.
The NOK 26.5bn is in 2026 value. The 2022 plan was NOK 13.2bn, which is NOK 15.2bn adjusted to today’s kroner, and in December the estimate was just over NOK 20bn in 2025 value. Equinor blamed operational challenges at the operating Hammerfest plant, weather, and difficult rock conditions in the power cable tunnel.
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Trond Bokn, Equinor’s senior vice president for project development, said:
We take the cost development of Snøhvit Future seriously. The project is being carried out at an operating facility and is more complex than anticipated. It has also been affected by unforeseen issues and challenges.
Trond Bokn, Equinor
Because the figures use different year-values, the comparison matters. Against the inflation-adjusted NOK 15.2bn, the new estimate is about 74% higher, by the desk’s arithmetic. The project is about 60% complete and the compressor module was installed in August. Onshore compression is still due in 2029 and electrification in 2030, which Equinor says will cut annual CO2 emissions by 850,000 tonnes.
The updated figures were reported to the Ministry of Energy with the 2027 national budget proposal. Bokn said the project remains profitable, supporting jobs in Hammerfest and energy supply to Europe towards 2050.
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Equinor holds 36.79% of the project. Petoro has 30%, TotalEnergies 18.4%, Vår Energi 12% and Harbour Energy 2.81%.
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