Equinor, a Norwegian oil and gas company, plans to increase its international production by 2030.

Equinor’s international oil-and-gas portfolio will grow?in the coming years, as the Norwegian energy company targets a?sharply?increased?output abroad in 2030.

Equinor produces oil and natural gas in seven other countries than Norway after recent divestment in Argentina. This is down from 12 in 2019.

Equinor's goal is to increase overseas oil production from 730,000 barrels per day in 2025 to more than 900,000. This would be a 23% increase.

Philippe Mathieu stated that despite the divestment, we are still seeing growth of 900,000.

The company's Bacalhau,?Raia and Sparta projects, which are operated by Shell, in the U.S. Gulf, and the increasing volumes of Adura, a joint venture with Shell in Britain, will all contribute to the projected growth.

Mathieu stated that the main goal in the United States, and Brazil, is to increase the portfolio organically.

Bacalhau is on track to reach 220,000 barrels per day by the second half 2026. Raia will begin production in 2028.

Equinor has also reached a milestone in its investment for Bay du Nord - one of Canada's biggest planned oil projects located 500 km from the coast on the North Atlantic.

Mathieu stated that "we are only a few weeks away from Decision Gate 2, when we will start spending big money," referring to the approval of the?development concept.

He added that the project costs were reduced through a phased approach, which initially targeted more than 400,000,000 barrels of crude oil.

Mathieu'said that Equinor has resumed discussions with the Tanzanian Government on its planned LNG project, but it must also consider the political risks following last year's post election violence in East Africa.

Mathieu stated that Equinor will continue to explore in Brazil, Angola, and the U.S. Gulf beyond 2030. It is also evaluating new potential areas.

"It won't be crazy; it will be very targeted." Mathieu stated that the usual suspects are involved: Eastern Mediterranean and Namibia.

(source: Reuters)