Equinor targets robust international oil and gas production growth to 900,000 boed by 2030, expanding global footprint

Equinor is setting an ambitious course for its global operations, aiming for a substantial increase in international oil and gas production over the next few years. The Norwegian energy giant plans a sharp rise in output outside its home country by 2030, signaling a renewed focus on its overseas portfolio.

This strategic push comes after a period of divestment, where the company streamlined its international holdings. Previously operating in a dozen countries in 2019, Equinor now concentrates its oil and gas production efforts in seven nations beyond Norway, demonstrating a more focused geographical approach.

While domestic production is projected to remain stable, the company’s international segment is poised for significant expansion. The head of Equinor’s international operations recently confirmed these plans, highlighting the importance of growth in key regions.

Expanding global reach: Equinor’s strategic shift

Following the recent sale of its onshore assets in Argentina, Equinor has strategically refined its international portfolio. This targeted approach involves divesting from more mature assets that showed declining output, allowing the company to concentrate resources on higher-potential growth opportunities across its global footprint.

Despite these divestments, Equinor projects a robust trajectory for its overseas production. The company is actively working to ensure sustained growth, with an emphasis on developing new projects and maximizing existing ventures to meet future energy demands.

Ambitious production targets set for 2030

The company aims to elevate its international oil production to surpass 900,000 barrels of oil equivalent per day (boed) by 2030. This represents a significant leap from the approximately 730,000 boed anticipated for 2025, marking an increase of at least 23% in output.

Philippe Mathieu, head of international operations, emphasized that this growth is a direct result of strategic portfolio management. He noted that even after shedding mature assets, the company is confident in achieving its 900,000 boed target, demonstrating the strength of its remaining and developing projects.

This aggressive target underscores Equinor’s commitment to reinforcing its position as a major international energy producer, balancing its long-term decarbonization goals with the continued supply of essential oil and gas resources.

Brazil leads growth with major developments

A significant portion of the projected growth hinges on key projects within Brazil, a country where Equinor is making substantial investments. The Bacalhau project, which commenced production in October 2025, is a cornerstone of this expansion plan.

Bacalhau is steadily progressing toward its full operational capacity, with a target of reaching 220,000 barrels of oil per day by the second half of 2026. Complementing this, the Raia project is slated to begin production in 2028, further solidifying Brazil’s role as a vital hub for Equinor’s international output.

North American and UK ventures strengthen portfolio

Beyond South America, Equinor’s growth strategy extends to critical partnerships and projects in other regions. The company’s involvement in Shell’s Sparta project in the Gulf of Mexico is expected to contribute significantly to its production volumes, leveraging established expertise in deepwater operations.

Additionally, increased output from Adura, its British joint venture with Shell, is playing a crucial role in bolstering the overall portfolio. These collaborations highlight a strategy of leveraging strategic alliances to expand operational reach and efficiency.

A core principle guiding Equinor’s activities in the United States and Brazil is a commitment to organic growth. This approach focuses on developing existing assets and opportunities rather than relying heavily on acquisitions, fostering sustainable expansion within its established operational areas.

This emphasis on organic development allows Equinor to maintain direct control over project timelines and costs, ensuring that expansion aligns with its long-term strategic objectives and operational standards.

Canada’s bay du nord project nears critical investment phase

In Canada, Equinor is approaching a pivotal investment milestone for Bay du Nord, one of the largest planned oil projects in the country. Located approximately 500 kilometers offshore in the North Atlantic, this project represents a significant future growth driver.

The company is just weeks away from reaching “Decision Gate 2,” a crucial approval point that signals a substantial commitment of capital for the development concept. Costs for the Bay du Nord project have been strategically managed and reduced through a phased development approach, initially targeting over 400 million barrels of oil.

Future exploration frontiers and emerging markets

Looking beyond the 2030 targets, Equinor is actively positioning itself for new exploration opportunities in several promising regions. These include further potential in Brazil, Angola, and the U.S. Gulf, areas where the company already possesses established operations and geological understanding.

Concurrently, Equinor is evaluating new prospective areas globally, adopting a highly targeted approach. This includes regions such as the Eastern Mediterranean and Namibia, which are recognized for their hydrocarbon potential. Such targeted exploration aims to uncover future reserves without engaging in widespread, speculative ventures.

The company has also resumed discussions with the Tanzanian government regarding a planned liquefied natural gas (LNG) project. However, these negotiations involve careful consideration of political risks, especially following recent post-election developments in the East African nation.

Sustained international growth strategy

Equinor’s path forward is characterized by a deliberate and focused growth strategy for its international portfolio. The company is committed to expanding its production in a disciplined manner, targeting areas with strong potential and strategic importance.