Equinor has unveiled its plans to drill 25 oil and gas exploration wells next year offshore Norway.

According to a Reuters report, the figure represents a significant increase from the 16 wells drilled this year.

Equinor Norway head of exploration Jez Averty told the news agency that the company will primarily focus on drilling wells in areas located near its existing fields and platforms.

Averty was quoted by Reuters as saying: “Exploration is the key to future value creation on the Norwegian continental shelf, future value creation is the key to cash flow, which is the key to delivering on the energy transition.”

The campaign is expected to cost around $300m to $400m in total.

Equinor will also drill 10-13 exploration wells in 2022.

Headquartered in Stavanger, Norway, Equinor is a state-owned multinational energy company with a presence in more than 30 countries. It has over 21,000 employees.

Reuters also reported that the company is planning to reduce its stake in Martin Linge oilfield in the North Sea from 70% to 51%. The sale may raise more than $1bn. Petoro currently owns the remaining 30% interest in the project.

The Martin Linge field commenced production in June.

Last month, Equinor signed a deal to sell its stake in the Corrib gas project in Ireland to its partner, Vermilion Energy, for $434m. The move will remove its active business presence from the country.