Equinor Announces New Oil Discovery in Arctic Norway

Equinor ASA (NYSE:EQNR) is included among the 13 Oil Stocks with Highest Dividends.

Equinor ASA (NYSE:EQNR) is an international energy company headquartered in Norway, with over 25,000 employees in around 20 countries worldwide.

Equinor ASA (NYSE:EQNR) announced on March 18 that it had made ​a new oil ​discovery in the ⁠Norwegian part ​of the Arctic ​Barents Sea, in a prospect close to the giant Johan Castberg field. The preliminary volume estimate for the discovery is between 14 and 24 million barrels of recoverable oil equivalents. Equinor, and its partners Var Energi and Petoro, are now planning to tie the discovery back to the Johan Castberg field.

Equinor ASA (NYSE:EQNR) started production at Johan Castberg in Q1 2025, with the project hitting full capacity of 220,000 bpd last summer. The volume basis in the project was originally estimated at 500–700 million barrels, with Equinor to increase this by an additional 200–500 million barrels.

Grete Birgitte Haaland, area director for Exploration and Production North at Equinor ASA (NYSE:EQNR), commented:

“With Johan Castberg, we opened a new oil province in the Barents Sea one year ago. It is encouraging that we are now making new discoveries in the area. We plan to drill one to two exploration wells annually in this region going forward to increase the resource base and maintain plateau production for a longer period.”

The discoveries come as Equinor ASA (NYSE:EQNR) is targeting to grow its output by 3% in 2026, after already hitting a record high production level in 2025.

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Disclosure: None.