Equinor plans to invest 60-70bn NOK annually in offshore operations until 2035, driven by strong oil demand.

Norway's largest oil and gas firm, Equinor, plans to invest 60-70bn Norwegian crowns ($5.7-$6.7bn) annually in its offshore operations until 2035, driven by the expectation of continued strong demand for oil. Equinor's CEO, Anders Opedal, stated the company sees a long-term demand curve for Norwegian oil and will continue to invest accordingly, aiming to produce 1.2 million barrels of oil-equivalent per day in Norway by 2035. The firm will also drill 20-30 Norwegian exploration wells each year over the next decade. Total investments in oil and gas activity in 2024, including pipeline transportation, are estimated to reach an all-time high of $24bn, according to Statistics Norway.

August 26, 2024
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