Equinor has awarded $10 billion worth of contracts to suppliers as the Norwegian energy major aims to maintain high levels of oil and gas production offshore Norway.
On Thursday, Equinor announced the signing of 12 framework agreements with seven supplier companies for maintenance and modifications at its offshore installations and onshore plants, with a total value of around $10 billion (100 billion Norwegian crowns).
The agreements commence in the first half of 2026, and will last for five years and include extension options of three and two years.
“Our ambition is to maintain a high production level and predictable energy deliveries to Europe towards 2035,” said Kjetil Hove, executive vice president for the Norwegian continental shelf at Equinor.
“To succeed, we must, together with the supplier industry, find new ways of working that strengthen our competitiveness.”
Equinor plans to invest $6-7 billion (60–70 billion crowns) annually in increased recovery and new fields on the Norwegian continental shelf to support its ambition to maintain production around 1.2 million barrels of oil equivalent per day by 2035.
As part of this goal to maintain production levels, Equinor expects to drill in total around 250 exploration wells and about 600 wells for increased recovery, and perform 300 well interventions annually and around 2,500 modification projects. The Norwegian major also plans to mature and develop more than 75 subsea developments that can be tied to existing infrastructure.
Last month, Equinor and its partners in the huge new Arctic oilfield Johan Castberg decided to invest $396 million (4 billion crowns) to construct the first tie-back of another discovery to the Castberg hub that would boost oil production from the area.
Equinor sees opportunities to add 250-550 million new recoverable barrels that can be developed and produced over Johan Castberg, noted Grete Birgitte Haaland, senior vice president for Exploration & Production North.
Equinor and other operators offshore Norway are exploring prospects near operational fields to leverage existing infrastructure and raise oil and gas production via tie-backs and tie-ins, which are cheaper than standalone developments.
By Michael Kern for Oilprice.com
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