Norwegian operator Equinor has unveiled an updated corporate strategy, targeting a production increase to 2.3m barrels of oil equivalent per day (boe/d) by 2030. To reach this milestone, the firm expects to invest between US$11bn and US$13bn annually from 2028 to 2030.
Capital expenditure will be heavily weighted towards the Norwegian Continental Shelf (NCS), absorbing approximately 60% of the budget. International upstream operations will account for 30%, while the remaining 10% is earmarked for power initiatives. The operator anticipates its international output to climb by 30%, reaching 950,000 boe/d, with NCS production forecast at 1.35m boe/d by the end of the decade.
To sustain long-term reserves, Equinor will prioritise subsea tie-backs, enhanced recovery and continued exploration. However, recent efforts yielded mixed results, as the 6507/8-D-4 CH exploration well at the Heidrun Cellar SE prospect proved non-productive.
Track Heidrun project directly on EICDataStream.