Equinor, Norway's state-controlled energy giant, announced plans to invest between $5.7 billion-$6.7 billion annually in offshore oil and gas projects in Norway until 2035. The company anticipates continued strong demand for fossil fuels, justifying this significant long-term investment.
Norway, which stands as Europe’s largest gas supplier and a key oil producer, currently extracts approximately four million barrels of oil equivalent per day. However, many of its major offshore fields are facing decline, and there are no new developments scheduled for the 2030s. Despite this, Equinor CEO Anders Opedal expressed confidence in the enduring demand for Norwegian oil, which underpins the company's decision to maintain high levels of investment.
Equinor forecasts producing 1.2 million barrels of oil equivalent per day (boed) in Norway by 2035, down from 1.4 million boed in 2023. The company plans to drill 20-30 exploration wells annually over the next decade, slightly fewer than the 26 wells drilled in 2023. Additionally, Equinor reaffirmed its commitment to supplying 40 billion cubic meters of gas to Europe each year until 2035.
The broader Norwegian offshore oil and gas sector is expected to see record investment levels this year, with sustained high levels into 2025, driven by ongoing field developments and rising inflation, according to national statistics data. Despite challenges, Kjetil Hove, Equinor's head of domestic operations, highlighted that there are still "attractive opportunities" in Norway's offshore sector.
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