Equinor said on 7 October that the estimated cost of Snøhvit Future had risen to NOK 26.5 billion in 2026 value. This is an updated project estimate, not a final observed outturn. The company reported the revised figures to Norway’s Ministry of Energy as part of the preparation of the 2027 national budget. The announced schedule remains unchanged: onshore compression is planned to start in 2029, with electrification in 2030.

The benchmark has shifted across earlier updates. In December 2025, Equinor reported an estimate slightly above NOK 20 billion in 2025 value. The development plan submitted in 2022 carried an estimate of NOK 13.2 billion at the time, which Equinor says corresponds to NOK 15.2 billion in today’s currency value. The figures cannot be compared without accounting for the price-year basis and subsequent revisions to scope or design. The latest number is a project estimate, not an inflation measure by itself.

Equinor linked the revision to work at an operating facility that has proved more complex than expected, along with operational challenges at Hammerfest LNG, weather conditions and difficult rock conditions in the power-cable tunnel. The project combines onshore compression and electrification of the Melkøya LNG plant; the two elements serve different purposes. The company’s release cites several technical and construction issues, so the increase should not be assigned to a single cause.

Onshore compression is intended to help maintain plateau production at Hammerfest LNG as reservoir pressure declines. Electrification is expected by Equinor to cut annual carbon-dioxide emissions by 850,000 tonnes, equivalent to 2% of Norway’s annual emissions. That is a project objective for future operations, not a measured reduction already achieved. The reported start dates remain 2029 for compression and 2030 for electrification.

Equinor put the project at about 60% complete and said the compressor module was installed in August 2026. It expects more than 70% of value creation during the development phase to go to Norwegian companies, with more than one-third of that share going to Northern Norway. These are estimates of project activity, not a final economic accounting. Snøhvit Future is a partnership led by Equinor with Petoro, TotalEnergies, Vår Energi and Harbour Energy.