Equinor ASA, Norway’s leading energy company, has unveiled a significant investment plan for its offshore oil and gas projects. The company plans to invest between 60-70 billion Norwegian crowns ($5.7-$6.7 billion) annually until 2035, reaffirming its commitment to Norway’s oil and gas resources despite the global shift toward cleaner energy.
Focus on Offshore Exploration
CEO Anders Opedal outlined Equinor’s strategy, which includes drilling 20 to 30 exploration wells each year over the next decade. The company aims to sustain production at 1.2 million barrels of oil equivalent per day (boe/d) by 2035, a slight decrease from the 1.4 million boe/d produced in 2023. This plan highlights Equinor’s focus on maximizing existing resources, even as production declines in some fields.
Sustaining Europe’s Gas Supply
As Europe’s largest gas supplier, Norway plays a vital role in the continent’s energy security. Equinor’s investment plan includes a commitment to deliver 40 billion cubic meters of gas annually to Europe until 2035. This steady supply is crucial amid ongoing geopolitical tensions and the global energy transition.
Industry-Wide Investment Surge
Equinor’s announcement aligns with a broader trend of increased investment in Norway’s offshore oil and gas sector. Data from Norway’s National Statistics Office indicates that investments by all companies in this sector are expected to reach record highs through 2025, driven by ongoing field development and rising operational costs.
Balancing Fossil Fuels and Energy Transition
Equinor’s investment underscores its belief in the continued demand for fossil fuels, even as the world increasingly turns to renewable energy. The company’s strategy reflects its goal of balancing economic growth, energy security, and environmental responsibility as it navigates the future of energy.
