Equinor’s international oil and gas portfolio will return to growth in the next few years as the Norwegian energy group targets sharply increased output abroad by 2030, its head of foreign operations told Reuters.
After recent divestment of onshore assets in Argentina, Equinor now produces oil and gas in seven countries outside Norway, down from a dozen in 2019.
While domestic output is expected to remain stable, Equinor aims to boost overseas petroleum production to more than 900,000 barrels of oil equivalent per day (boed) by 2030, from around 730,000 boed in 2025, a rise of at least 23%.
“We have divested more mature assets that were starting to decline… and despite all the divestment we still see growth to 900,000 barrels,” Philippe Mathieu said.
The projected growth is underpinned by the company’s Bacalhau and Raia projects in Brazil, the Shell-operated Sparta project in the U.S. Gulf and rising volumes from Adura, its British joint venture with Shell.
“The main focus we have in the United States and Brazil is to grow the portfolio organically,” Mathieu said.
Bacalhau, which began production in October, is ramping up towards 220,000 barrels of oil per day in the second half of 2026. Raia is due to start production in 2028.
Equinor is also nearing an investment milestone for Bay du Nord, one of Canada’s largest planned oil projects, 500 km away from the coast in the North Atlantic.
“We are weeks away from Decision Gate 2… when we start using big money,” Mathieu said, referring to approval of the development concept.
The project’s costs have been lowered through a phased development, initially targeting more than 400 million barrels of oil, he added.
Equinor has resumed talks with the Tanzanian government on its planned LNG project, but the company must also weigh the political risks after last year’s post-election violence in the East African nation, Mathieu said.
Beyond 2030, Equinor is positioning itself for new exploration in Brazil, Angola and the U.S. Gulf, while also evaluating potential new areas, Mathieu said.
“It’s not going to be crazy, it’s going to be very targeted. It’s the usual suspects: Eastern Mediterranean, Namibia,” Mathieu said.
(Reporting by Nerijus Adomaitis Editing by Terje Solsvik and David Goodman)