Norwegian energy company Equinor has announced plans to increase its output to 2.3 million barrels of oil equivalent per day (mboe/d) by the end of this decade.
Equinor aims to achieve this through investment in oil and gas and by expanding operations on the Norwegian Continental Shelf (NCS) and internationally.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In 2027, an additional $1bn (Nkr9.49bn) is due to be invested in oil and gas projects with potentially high returns, the company revealed during its Capital Markets Day 2026.
Between 2028 and 2030, Equinor intends to spend $11bn–13bn annually, allocating roughly 60% to the NCS, 30% to global oil and gas ventures, and 10% towards power-related initiatives.
To sustain long-term production and reserves, Equinor will keep investing in six to eight tie-backs, ramp up recovery efforts and pursue additional exploration.
Equinor president and CEO Anders Opedal said: “Demand continues to grow and Equinor is uniquely positioned to provide reliable energy. We will deliver more energy, growing cash flow and superior returns towards 2030.
“Our strategy is to maximise value on the Norwegian Continental Shelf, deliver focused growth in international oil and gas, build a competitive integrated power business and create more value uplift through trading and market optimisation.
“Equinor has delivered industry-leading returns over 25 years as a listed company, with a total shareholder return of almost 1,800%. We have confidence in our plans and are committed to continue creating strong value for shareholders.”
Equinor also announced it will double its 2026 share buyback programme to $3bn and implement a more predictable framework for annual buybacks from 2027.
The company is targeting an increase of 150,000boepd in its oil and gas output by 2030. Of this, 100,000boepd is estimated to come from the NCS, where production is now forecast to reach around 1.35mboe/d in 2030 and 1.3mboe/d in 2035.
Internationally, Equinor projects a 30% output increase to around 950,000boepd over the same period.
In addition to oil and gas, the company expects power production to exceed 20TW-hours by 2030, mainly from projects that are already in execution.
Equinor forecasts a 30% increase in cash flow from operations after tax between 2025 and 2030.
From 2026 to 2030, Equinor foresees more than $40bn in free cash flow, once capital expenditures and lease payments are accounted for.
The company aims for an annual return on average capital employed above 15% from 2026 to 2030.
Equinor is also looking to grow its quarterly cash dividend per share by more than 5% annually.
In a separate development, Equinor and its partners ConocoPhillips, Petoro and Vår Energi drilled a non-productive well in the Heidrun Cellar SE area beneath the Heidrun field in the Norwegian Sea.
The exploration well, designated 6507/8-D-4 CH, was drilled in production licence 124, situated roughly 240km west of Sandnessjøen. It is the tenth wildcat well to be drilled under this licence, which was originally granted in the 1986 10-B licensing round.
Drilling operations were carried out using the Transocean Encourage rig.
