Equinor plans to increase its international oil and gas production while concentrating investment in a smaller number of countries and stepping up targeted exploration activity.
Philippe Mathieu, Equinor’s executive vice president for Exploration & Production International, described the company’s international portfolio as “simplified, improved and set for significant growth”.
The company’s equity production outside Norway reached 750,000 barrels of oil equivalent per day (boepd) in the second quarter of 2026, representing growth of more than 10% over two years. It now aims to raise this to 950,000 boepd by 2030 and generate approximately $20 billion in free cash flow between 2026 and 2030.
Exploration will play an important role in sustaining this growth and replenishing the more focused international portfolio. According to Mathieu, Equinor is pursuing opportunities in Brazil and Angola, where it expects to mature and potentially drill several prospects over the next two years.
The company has also entered a Chevron-operated exploration licence offshore Namibia containing a drill-ready prospect scheduled to be tested before the end of 2026. Further opportunities are being assessed in Argentina and the US, while the Bay du Nord project offshore Canada remains an important potential source of future production.
Brazil is expected to become one of Equinor’s principal international growth areas, with equity production approaching 200,000 boepd by 2030. The operated Bacalhau pre-salt field, which came on stream in late 2025, continues to ramp up, with producing wells reportedly exceeding expectations.
Development of the Raia gas field is progressing towards start-up in 2028. The field could eventually supply around 15% of Brazil’s projected gas demand. Installation of the deepwater section of its export pipeline was completed this summer, reaching a maximum water depth of 2,735 metres.
In Angola, Equinor is combining brownfield activity in mature producing areas with investment in new resources. The company and operator Azule Energy sanctioned the Greater PAJ development in June. The project, incorporating the Palas, Astrea and Juno discoveries, is expected to recover approximately 250 million barrels and begin production in 2029.
The US currently represents Equinor’s largest producing country outside Norway. Equity production reached 433,000 boepd in the second quarter, approximately 100,000 boepd above the equivalent figure for 2024. Offshore, Equinor holds a 49% interest in Shell’s Sparta development in the Gulf of America, which is scheduled to start production in 2028.
The strategy reflects a shift towards fewer but more material international positions. Having exited legacy interests in Azerbaijan and Nigeria, Equinor is concentrating its subsurface, development and production capabilities on assets capable of delivering higher margins, stronger cash flow and further resource growth.
Image by Arne Reidar Mortensen / © Equinor
