en.Wedoany.com Reported - Norwegian energy company Equinor has set a new target: to increase daily production to 2.3 million barrels of oil equivalent by the end of this decade. To achieve this production goal, the company plans to ramp up investments in oil and gas and expand its operations on the Norwegian Continental Shelf and in international markets.
At its Capital Markets Day event in 2026, Equinor unveiled its investment blueprint. According to the plan, the company will add $1 billion (approximately 9.49 billion Norwegian kroner) in 2027, specifically allocated to oil and gas development projects with high potential returns. Between 2028 and 2030, Equinor expects total annual capital expenditures to range between $11 billion and $13 billion, with about 60% directed to the Norwegian Continental Shelf, 30% to international oil and gas operations, and the remaining 10% to power-related projects. To ensure stable production and reserves over the long term, the company plans to continuously advance six to eight tie-back projects while stepping up exploration efforts and actively seeking new resource opportunities.
President and CEO Anders Opedal stated that energy demand continues to rise, and Equinor holds a unique position in providing reliable energy. He noted that by 2030, the company will supply more energy while improving cash flow and return on investment. The core of this strategy lies in maximizing the value of resources on the Norwegian Continental Shelf, achieving targeted growth in international oil and gas, building a competitive power business, and enhancing returns through trading and market optimization. Opedal also mentioned that Equinor has been a publicly listed company for 25 years, with a total shareholder return of nearly 1,800%.
In terms of shareholder returns, Equinor has decided to double its share buyback program for 2026 to $3 billion and transition to a more predictable annual buyback framework starting in 2027. The company's production plan shows that by 2030, daily oil and gas output will increase by 150,000 barrels of oil equivalent, with approximately 100,000 barrels of oil equivalent coming from the Norwegian Continental Shelf. By then, daily production on the Norwegian Continental Shelf is expected to reach about 1.35 million barrels of oil equivalent, adjusted to 1.3 million barrels of oil equivalent in 2035. In the international segment, Equinor expects a production growth rate of 30% over the same period, reaching approximately 950,000 barrels of oil equivalent per day. Additionally, in the power sector, the company anticipates that electricity generation will exceed 20 terawatt-hours by 2030, with this increase primarily coming from projects under construction.
On the financial front, Equinor forecasts a 30% increase in after-tax operating cash flow between 2025 and 2030. Between 2026 and 2030, after deducting capital expenditures and lease payments, total free cash flow is expected to exceed $40 billion. The company has also set a target of achieving an average return on capital employed of over 15% between 2026 and 2030, and plans to maintain an annual growth rate of over 5% in quarterly cash dividends per share.
In another operational development, Equinor, together with partners ConocoPhillips, Petoro, and Vår Energi, completed drilling of a non-production well in the Heidrun Cellar SE area beneath the Heidrun field in the Norwegian Sea. This well, numbered 6507/8-D-4 CH, is located within Production License 124, approximately 240 kilometers west of Sandnessjøen. The license was awarded in the 10-B licensing round in 1986, and this well is the tenth wildcat well under it. The drilling operation was carried out by the Transocean Encourage rig.
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