Equinor aims to boost oil, gas production to 2.3 MMboe/d by 2030

Equinor ASA said it plans to increase oil and gas production to about 2.3 MMboe/d by 2030, supported by higher output from the Norwegian continental shelf (NCS) and international upstream growth. 

The company, as part of its Capital Markets Day 2026, said it expects total production to rise by 150,000 boe/d by 2030, with NCS output increasing about 100,000 boe/d to 1.35 MMboe/d and international oil and gas production growing about 30% to roughly 950,000 boe/d.

NCS-led upstream growth strategy

Equinor described the NCS as the backbone of its upstream business and a key driver of long-term cash flow and value creation, with around 60% of capital expenditure directed to the basin.

The operator plans to industrialize subsea field developments and increase recovery activity to accelerate resource maturation and reduce costs, targeting 6-8 new tieback projects per year toward 2035, noting the operating model shift aims to support a larger portfolio of subsea developments and increased recovery projects across the NCS.

The NCS portfolio includes projects with break-even prices below US$35/bbl and payback times of less than 2.5 years. Continued increased recovery and exploration activity are expected to add new recoverable resources and extend field life, the company said.

International oil and gas will account for about 30% of capital expenditure, with growth supported by assets in the United States, Brazil, Angola, the United Kingdom, and Canada. Across its international portfolio, production is expected to increase about 30% to roughly 950,000 boe/d by 2030.

Total annual capex is guided to $11-13 billion in 2028-2030, following about $12 billion in 2027, including an additional $1 billion investment in high-return oil and gas projects that year.