Equinor updates Snøhvit Future cost to NOK 26.5 billion

Cost update and timetable

On behalf of the partnership, Equinor has updated the Snøhvit Future cost estimate to NOK 26.5 billion in 2026 value and reported the figures to the Ministry of Energy in connection with the government's proposed 2027 budget. The project schedule is unchanged: onshore compression is planned to start in 2029 and electrification in 2030.

Cost history and drivers

Equinor announced an updated estimate of just over NOK 20 billion in 2025 value in December 2025; the original PDO investment estimate in 2022 was NOK 13.2 billion (adjusted to NOK 15.2 billion in today's value). Equinor cites increased complexity working at an operating facility, unforeseen issues, operational challenges at the Hammerfest LNG plant, weather and difficult rock conditions in the power cable tunnel as contributors to the cost increase.

Mitigation, status and expected benefits

The project and suppliers are implementing targeted measures, systematic risk management and close integration with the operating plant. Snøhvit Future is about 60% complete; the compressor module was installed in August and there is high activity at Melkøya, in the tunnel project and among suppliers. Onshore compression will help maintain plateau production at Hammerfest LNG, while electrification is expected to cut annual CO₂ emissions by 850,000 tonnes and contribute to energy supply to Europe towards 2050.

Procurement and partnership

In the development phase, more than 70% of value creation is expected to go to Norwegian companies, with over a third to Northern Norway. Partnership shares are Equinor Energy AS 36.79%, Petoro AS 30%, TotalEnergies EP Norge AS 18.4%, Vår Energi ASA 12% and Harbour Energy Norge AS 2.81%.