Equinor has announced plans to invest between 60 billion and 70 billion Norwegian crowns (approximately $5.7 billion to $6.7 billion) annually in oil and gas projects offshore Norway until 2035. The company anticipates sustained strong demand for fossil fuels, as stated by CEO Anders Opedal during a press conference.
Norway, as Europe’s largest gas supplier and a significant oil producer, currently pumps around four million barrels of oil equivalent per day. However, many of its major offshore fields are in decline, and there are no new developments scheduled for the 2030s. Despite this, Equinor aims to produce 1.2 million barrels of oil equivalent per day in Norway by 2035, down from 1.4 million boed in 2023. The company plans to drill 20 to 30 exploration wells annually over the next decade, compared to 26 wells in 2023.
In terms of gas production, Equinor expects to deliver 40 billion cubic meters to Europe every year until 2035. Overall, investments in oil and gas by all companies offshore Norway are projected to reach record levels this year and remain elevated into 2025, driven by ongoing field developments and rising inflation.
Equinor’s head of domestic operations, Kjetil Hove, emphasized that there are still “attractive opportunities” in Norway’s offshore sector.