Equinor has raised the investment forecast for the Snøhvit Future development to $2.7bn (Nkr26.5bn) in 2026 money — the third upward revision since the Norwegian project was sanctioned.

The company submitted the update to the Norwegian Ministry of Energy during work on the government's proposed national budget for 2027. The figure marks a steep climb from the plan for development and operation filed in 2022, when investment was estimated at Nkr13.2bn, equivalent to Nkr15.2bn in current terms. As recently as December 2025, Equinor put costs at just over Nkr20bn in 2025 value.

Why has the price tag climbed again?

Equinor project development senior vice-president Trond Bokn 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," Bokn said.

He cited three drivers behind the escalation:

• Operational disruptions at the Hammerfest LNG facility
• Unfavourable weather during execution
• Unexpectedly hard rock encountered while constructing the power cable tunnel

Does the budget increase move the schedule?

No. Equinor said the delivery timetable is unchanged: onshore compression starts operating in 2029, with electrification following in 2030.

Roughly 60% of the project is complete. The compressor module was installed in August, and the steam boiler module is scheduled to reach the Melkøya site in spring 2027.

Associated infrastructure includes:

• A new electrical substation at Melkøya
• A subsea power cable
• A 3.2km tunnel linking Meland and Hyggevatn

What is the project for?

Snøhvit Future is designed to sustain plateau production at Hammerfest LNG as reservoir pressure in the Barents Sea gas field declines, and to cut emissions by roughly 850,000 tonnes of CO2 per year — about 2% of Norway's total annual emissions.

Equinor forecasts that more than 70% of the project's value creation during the development phase will go to Norwegian companies.

The partnership behind the licence breaks down as follows:

• Equinor Energy — 36.79% (operator)
• Petoro — 30%
• TotalEnergies EP Norge — 18.4%
• Vår Energi — 12%
• Harbour Energy Norge — 2.81%

Hammerfest LNG, the operational hub for the scheme, employs about 750 people and supports around 1,450 jobs when wider economic effects are counted.

The cost revision comes amid continued activity elsewhere in Equinor's Norwegian portfolio. In August 2026, the company began production from the Troll phase three, stage two subsea project in the Norwegian North Sea, bringing additional gas to the Troll A platform.

The watch item: whether the spring 2027 steam boiler module delivery to Melkøya holds — and whether the 2029 compression start-up survives the next budget cycle without a fourth revision.