Equinor Unveils Major Exploration Plan to Sustain Long-Term Production
Equinor, Norway’s state-backed energy giant, has announced an ambitious plan to drill 250 oil and gas exploration wells on the Norwegian continental shelf over the next decade. The initiative aims to ensure that the company maintains 2035 output levels equal to those of 2020, reflecting expectations that global demand for fossil fuels will remain strong for decades.
Speaking at an energy industry conference in Oslo, CEO Anders Opedal emphasized the scale of the undertaking, calling it “one of the largest industrial plans Norway has ever seen.” The move underscores Equinor’s focus on long-term security of supply amid shifting global energy forecasts and challenges within the renewable sector.
Annual Investment of 60 Billion Crowns to Maintain Production
To execute this extensive exploration programme, Equinor expects to invest around 60 billion Norwegian crowns ($5.86 billion) per year through 2035. These investments will support new wells, exploration activities, and upgrades to infrastructure on Norway’s maturing offshore fields.
Norway’s continental shelf, which has powered the country’s prosperity for decades, is aging. As production naturally declines at mature fields, companies like Equinor must continuously explore and develop new resources to keep output steady. The 250-well plan signals Equinor’s determination to defend Norway’s role as one of Europe’s most important suppliers of natural gas and oil.
Global Fossil Fuel Demand Remains Strong, Says IEA
Equinor’s strategy comes against the backdrop of new projections from the International Energy Agency (IEA), which earlier this month suggested that global demand for oil and gas may continue rising through 2050. This marks a shift from earlier expectations of a rapid transition toward cleaner energy sources.
The IEA now warns that the world is unlikely to meet key climate targets, as the shift to low-carbon alternatives is progressing more slowly than previously forecast. This evolving outlook supports Equinor’s decision to keep investing heavily in fossil energy, even as it continues to develop low-carbon technologies.
Equinor Reassesses Renewable Energy Ambitions
Opedal acknowledged that Equinor—and the industry at large—had been too optimistic about how quickly certain low-carbon solutions would scale. Technologies such as CO₂ transport and storage, as well as floating offshore wind, have faced higher costs, slower deployment, and increased political resistance, slowing the momentum of the green transition.
As a result, Equinor scaled back its renewable energy targets earlier this year, joining other European energy majors in recalibrating their climate strategies amid market headwinds. Despite this, Opedal maintains that renewables will play a vital role in the future energy system—though the timeline remains uncertain.
“We still believe in these technologies,” he said. “But we were too optimistic about how fast they would break through.”
A Pivotal Moment for Norway’s Energy Landscape
Equinor’s new exploration program reinforces Norway’s commitment to maintaining its role as a major global energy supplier. While the company continues to invest in hydrogen, carbon capture, and emerging renewable technologies, fossil fuel production remains central to Norway’s economic model.
With hundreds of new wells planned and billions in annual spending, Equinor is preparing for a future where oil and gas continue to play a significant role—even as the world strives to accelerate the green transition.
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