Equinor has zeroed in on a new development concept for its promising but challenging Wisting oil project in Norway’s remote Barents Sea, shelving its previous floating production, storage and offloading vessel concept and a very expensive power generation proposal.

Wisting is Norway’s largest untapped discovery, with 500 million barrels of recoverable oil, but despite its size, Equinor suspended development work last November because its capital cost had ballooned to Nkr104 billion ($9.7