Equinor raised its cost estimate for the Snøhvit Future project to NOK 26.5 billion, approximately $2.77 billion. The company’s stock rose despite the increase, according to market reports.
The latest estimate is up from NOK 13.2 billion in 2022. It also exceeds the NOK 20 billion estimate issued in December 2025.
The project aims to secure long-term operations at the Hammerfest LNG plant by installing onshore compression and electrifying the facility.
Equinor attributed the higher costs to greater-than-anticipated complexity and unforeseen operational issues at the existing plant. Weather and construction challenges also contributed.
The project is approximately 60% complete. It aims to cut CO2 emissions by 850,000 tonnes annually.
The timeline remains unchanged. Onshore compression is scheduled for 2029, and electrification is planned for 2030.