Equinor announced plans to significantly expand its international oil and gas operations, targeting a rise in overseas production from 750,000 barrels of oil equivalent per day in the second quarter of 2026 to 950,000 boepd by 2030. The company’s strategy involves concentrating its portfolio in select high-return markets while divesting from legacy operations in regions such as Azerbaijan and Nigeria. Executive leadership highlighted this shift as part of a broader effort to enhance operational efficiency and financial returns.
The United States represents Equinor’s largest international production base, with output reaching 433,000 boepd in the second quarter of 2026, reflecting a 100,000 boepd increase from the comparable period two years prior. The company plans to deepen its involvement in both deepwater Gulf of Mexico projects and onshore natural gas assets, with particular emphasis on capturing additional value through integrated marketing, trading, and power generation opportunities. A notable development is the Sparta project in the deepwater Gulf of Mexico, operated by Shell, in which Equinor holds a 49% stake and expects to begin production in 2028 at approximately 90,000 barrels of oil equivalent per day.
Brazil is positioned as another key growth engine for Equinor’s international expansion. The company’s Bacalhau field, the first pre-salt development operated by an international firm in Brazilian waters, commenced operations in the previous year and continues ramping production. The Raia gas field, scheduled for startup in 2028, is projected to supply roughly 15% of Brazil’s total anticipated gas demand upon coming online.
Angola constitutes the third pillar of Equinor’s international growth strategy, with the company applying lessons from extending offshore field lifecycles in Norway. The Greater PAJ project, sanctioned earlier in the year with Equinor holding a minority interest, is planned to begin operations in 2029 and unlock approximately 250 million barrels of recoverable resources. Beyond these developments under way, Equinor is pursuing exploration prospects across Brazil, Angola, Namibia, Argentina, and the United States, aiming to strengthen and replenish its international portfolio.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI