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Equinor ASA (NYSE:EQNR) reportedly plans to invest 60-70 billion Norwegian crowns ($5.7-$6.7 billion) annually in offshore oil and gas projects in Norway until 2035.
Equinor plans to supply 40 billion cubic meters of gas to Europe annually until 2035, reported Reuters.
Equinor aims to produce 1.2 million barrels of oil equivalent per day (boed) in Norway by 2035, down from 1.4 million boed in 2023. The company anticipates sustained strong demand for fossil fuels.
As per the report, the company plans to drill 20-30 exploration wells annually over the next decade.
Anders Opedal, CEO of state-controlled Equinor, told in a press conference that “We see a long-term demand curve for Norwegian oil and that is why we continue to invest.”
According to national statistics, offshore oil and gas investments in Norway are projected to reach a record high this year and remain elevated through 2025, fueled by ongoing field developments and rising inflation.
In a separate release, Equinor penned a deal with Eidesvik Offshore to convert the Viking Energy supply vessel to ammonia operation, with the vessel expected to be fully operational with low emissions by 2026.
This month, the company reportedly canceled its plans to invest in Vietnam's offshore wind sector, dealing a blow to the nations' green energy ambitions.
In July, Equinor reported second-quarter adjusted revenue of $25.54 billion, beating the consensus of $23.72 billion, while adjusted EPS of $0.84 missed the consensus of $0.85
Investors can gain exposure to the stock via SGI Enhanced Global Income ETF (NASDAQ:GINX) and Keating Active ETF (NASDAQ:KEAT).
Price Action: EQNR shares are up 0.28% at $27.12 at the last check Monday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
