Contact: Silje Ask Lundberg: silje [at] priceofoil.org
BREAKING: Equinor postpones Wisting Oil Field
10 November, Norway – Today Equinor ASA announced that they are postponing the investment decision on the Wisting oil field in Norway. Equinor says they will be reconsidering the project until 2026 to assess the cost related to the project. By size of reserves, Wisting could have become the largest single Norwegian oil asset approved by the government this decade, whose climate impact could have been three times greater than that of the now-paused Cambo oil field proposed in the U.K.
The news comes after the company has been under intense scrutiny due to lacking environmental impact assessments. With the Norwegian Environmental Authorities deeming it as “inadequate” and that it “does not provide a sufficient basis for decision-making”. The Wisting oil field would have been the world’s northernmost oil field if approved.
Silje Ask Lundberg, Senior Campaigner at Oil Change International said:
“This is the beginning of the end for the Wisting oil field. Climate science is very clear that fossil fuels are driving the climate crisis and new projects anywhere in the world are a threat to people everywhere. There is no room for any new investments in oil or gas if we are to stay within safe climate limits. Not now, and not in 2026. The Wisting oil field will never see the light of day”
Truls Gulowsen, leader of Friends of the Earth Norway said:
“This is a huge victory for everyone who cares about the climate and vulnerable nature in the Arctic. The time to build new oil fields has passed, and we are certain that Equinor’s reckless plans for Wisting will never be realized. This should be the start of Equinor moving away from destructive projects all over the world, like Rosenbank in the UK and Bay du Nord in Canada, and the first step towards a just transition in Norway.”
Karoline Andaur, secretary general of WWF Norway said:
“Equinor argues that the postponement is due to inflation and rising costs, however it is clear that the massive opposition from the public has influenced the decision. This is a major win for the environmental movement, both in Norway and abroad. This sends a strong signal that further oil and gas activity in the Arctic is madness from an economical and ecological perspective.”
Gina Gylver, leader of Nature and Youth (Young Friends of the Earth Norway) said:
“This victory should give hope to the youth climate movement all over the world who constantly is calling for action – in the streets, in the media, outside COP – so often without being heard. This is a day for young people to celebrate as we take a step towards securing green jobs in the future and keeping 1,5 alive! Now the Norwegian government has to make sure that this marks a new direction for Norwegian oil politics. We have to stop investing in the fossil fuel industry. We demand that the capacity that is freed from the Wisting project must be used to accelerate the green transition instead.”
Frode Pleym, Head of Greenpeace Norway said:
“This victory shows that it is worth fighting for the environment. This means that 200 million tons of CO2 will stay in the ground. It means that vulnerable and valuable nature is left alone and that Norway can focus on a green, just transition. The fact that Equinor is postponing the plans for Wisting is incredible news for the climate, nature and the green transition. The next step must be for the project to be scrapped entirely.”