Equinor has announced plans to drill 250 oil and gas exploration wells in Norwegian waters over the next decade as part of its strategy to maintain the same production levels in 2035 as those seen in 2020.

The move aligns with expectations of continued global demand for fossil fuels, said Equinor CEO Anders Opedal, according to Reuters.

Speaking at an energy conference, Opedal said the company intends to allocate approximately Nkr60bn ($5.86bn) each year over the ten-year period to support output from Norway’s “ageing continental shelf”.

Opedal added: "This is anything but business as usual. Fighting decline on a mature shelf calls for one of the largest industrial plans Norway has ever seen."

Global oil and gas consumption will continue rising through 2050, with the US projected to remain the largest global producer, according to a recent forecast by the International Energy Agency’s (IEA) World Energy Outlook.

The IEA estimates oil demand could reach around 113 million barrels per day by mid-century, an increase of approximately 13% from 2024 levels.

Reuters cited Opedal as saying that the company had been overly optimistic about how quickly low-carbon technologies including CO₂ transport and storage and floating offshore wind would be adopted, highlighting a wider industry re-evaluation as elevated costs and political challenges delay the transition from fossil fuels.

In February 2025, Equinor reduced its targets for renewable energy capacity development by 2030, following similar steps by other European energy companies as the renewables market faces challenges.

In October, the company reported adjusted operating income of $6.21bn in the third quarter of this year, a decline of 10% compared to the same period the previous year.

The results are said to have been influenced by a decline in liquids prices, which were partially mitigated by increased production levels and higher gas prices in the US.