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Equinor Targets Higher Production in 2030 as Demand Rises

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Norwegian energy company Equinor (EQNR) said Tuesday it aims to increase its production to 2.3 million barrels of oil equivalent per day by 2030, as part of its broader strategy to deliver more energy as demand grows.

This represents production growth of around 150,000 barrels of oil equivalent per day, according to the company. Equinor's output reached a record high of 2.1 mmboe/d in 2025.

"Our strategy is to maximize value on the Norwegian continental shelf, deliver focused growth in international oil and gas, build a competitive integrated power business and create more value uplift through trading and market optimization," company president and chief executive Anders Opedal said at Equinor's capital markets day.

The company noted that it will allocate around 60% of its capital budget to further develop the Norwegian continental shelf, which is now expected to produce 1.35 mmboe/d in 2030 and 1.30 mmboe/d in 2035, following a 100,000 boe/d upward revision in its outlook.

"Increased recovery and high exploration activity will continue to add new recoverable resources to extend longevity," Equinor said, adding that its investment opportunities have break-even prices below $35 per barrel and payback time of less than two and a half years.

The company also plans to develop six to eight new tie-back projects annually through 2035.

Meanwhile, its international oil and gas business is expected to receive around 30% of the capital budget, to help boost production by 30% to 950,000 boe/d by 2030.

Equinor also said that around 10% of its capital budget will be allocated to its power business, which is anticipated to produce more than 20 terawatt-hours of electricity by 2030. This represents a four-fold increase in production driven by projects now being built.

The company highlighted that it intends to deliver reliable supply, as electrification and artificial intelligence drive power demand and create greater need for flexible power generation.

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