Krafla is a conventional oil development located in shallow water in Norway and is operated by Equinor Energy . Discovered in 1997, Krafla lies in block 30/11P (PL 035), with water depth of around 361 feet.

The project is currently in feed stage and is expected to start commercial production in 2027. Final investment decision (FID) of the project will be approved in 2022.

Field participation details

The field is owned by Equinor and Aker BP.

Production from Krafla

Production from the Krafla conventional oil development project is expected to begin in 2027 and is forecast to peak in 2029, to approximately 38,000 bpd of crude oil and condensate, 246 Mmcfd of natural gas and 5,923 bpd of natural gas liquids. Based on economic assumptions, the production will continue until the field reaches its economic limit in 2053.

Remaining recoverable reserves

The field is expected to recover 222.2 Mmboe, comprised of 99.81 Mmbbl of crude oil & condensate, 645.67 bcf of natural gas reserves and 14.78 Mmbbl of natural gas liquid reserves.

Contractors involved in the Krafla conventional oil field

Some of the key contractors involved in the Krafla project as follows.

Design/FEED Engineering: Aibel , Hitachi and Subsea 7

Other Contractors: Kairos Technology, Seadrill , Shearwater GeoServices Holding and Wood Group Mustang Norway

About Equinor Energy

Equinor Energy AS (Equinor Energy) is a wholly-owned subsidiary of Equinor ASA. The company provides oil and gas exploration and production services. It extracts, refines, and transports natural gas, crude oil, and wind power for manufacturing of synthetic fabrics, plastics, asphalt, cosmetics, and medicines. Equinor Energy is headquartered in Stavanger, Norway.


Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.