Equinor will invest up to $6,7 billion a year until 2035 in oil and natural gas offshore Norway

Equinor said it plans to invest 60-70 billion Norwegian crowns (US$5.7-$6.7 billion), a year, in oil and natural gas offshore Norway through 2035. It expects a continued strong demand for fossil fuels.

Norway is Europe's biggest gas supplier, and it's a major oil producer. It pumps around four million barrels equivalent to oil per day. However, many of its offshore fields are declining, and no new developments are planned for the 2030s.

Anders Opedal said at a press event that the state-controlled Equinor sees a long-term curve of demand for Norwegian oil.

Equinor has said that it can produce 1.2m barrels of oil-equivalent per day in Norway by 2035. This compares to 1.4m boed produced in 2023. It will also drill 20-30 Norwegian explorations wells each year over the next ten years, as opposed to 26 wells in 2012.

Equinor has confirmed that it expects to deliver 40 billion cubic meters of gas to Europe each year, until 2035.

According to data from the national statistics office, oil and gas investments offshore Norway by all companies are expected to reach a record high this year, and remain at that level in 2025. This is due to ongoing field development and increasing inflation.

Kjetil Hve, Equinor’s head of domestic operation, said at the same press event that there were still "attractive" opportunities offshore Norway.

(source: Reuters)