On behalf of the partnership, Equinor has updated the cost estimate for Snøhvit Future to NOK 26.5 billion in 2026 value. The timetable for the project remains unchanged, with onshore compression planned to start in 2029 and electrification in 2030.
The updated figures for Snøhvit Future have been reported to the Ministry of Energy in connection with the government’s proposed national budget for 2027.
In December 2025, Equinor announced an updated cost estimate for the project of just over NOK 20 billion in 2025 value. When the plan for development and operation (PDO) was submitted in 2022, the investment estimate was NOK 13.2 billion. Adjusted to today's NOK value, this corresponds to NOK 15.2 billion.
"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," says Trond Bokn, Equinor's senior vice president for project development.
He points out that operational challenges at the Hammerfest LNG plant, weather conditions and difficult rock conditions in the power cable tunnel have affected progress and costs.
"We have worked closely with the suppliers to manage the complexity of the project and work together every day to deliver the project safely and efficiently. Snøhvit Future is still a profitable project that supports jobs in Hammerfest, Norwegian value creation and energy supply to Europe towards 2050," says Bokn.
Equinor expects the work on Snøhvit Future to continue to be demanding. The project and the suppliers are implementing targeted measures, systematic risk management and close integration with the operating plant.
The project serves two purposes. Onshore compression will help maintain plateau production at Hammerfest LNG when reservoir pressure declines. Electrification of Hammerfest LNG will cut annual CO₂ emissions by 850,000 tonnes, equivalent to two per cent of Norway's annual emissions.
Snøhvit Future is about 60 per cent complete. The compressor module was installed in August, and there is a high level of activity at Melkøya, in the tunnel project and among suppliers. In the development phase, it is expected that more than 70 per cent of value creation will go to Norwegian companies. More than a third of this will go to Northern Norway.
Snøhvit partnership: Equinor Energy AS 36.79%, Petoro AS 30%, TotalEnergies EP Norge AS 18.4%, Vår Energi ASA 12%, Harbour Energy Norge AS 2.81%
