Equinor’s equity production outside Norway was 750,000 boepd in the second quarter (Q2) 2026, representing more than 10% growth over two years, despite exits from legacy positions in world-class assets in Azerbaijan and Nigeria. Total equity production from the assets in Azerbaijan and Nigeria averaged 24,600 and 18,700 barrels of oil per day, respectively, in the first three quarters of 2024.
The portfolio is becoming more focused and competitive through portfolio high-grading, including the creation of Adura in the UK, and investments in next-generation developments across the international business.
“This is not just about production growth. Through portfolio high grading we are building a business with stronger margins and higher cash flow. Cash flow from production is expected to grow around 80% towards 2030, significantly faster than production, reflecting a more competitive and resilient portfolio,” said Philippe Mathieu.
“Equinor’s international oil and gas portfolio is simplified, improved and set for significant growth. We are on track to grow equity production outside Norway to 950,000 barrels of oil equivalent per day (boepd) by 2030 while generating around USD 20 billion of free cash flow from 2026 to 2030,” said executive vice president Philippe Mathieu at an Offshore Northern Seas (ONS) press briefing in Stavanger today.
US business transformed
Equinor’s equity production from the US was 433,000 boepd in Q2 2026, around 100,000 boepd more than in the same quarter 2024.
“The US is by far our largest country outside Norway in terms of production. We have deepened our position in onshore natural gas assets in a growing demand region where we also can utilise the company’s marketing, trading and power exposure to capture more value across the gas value chain. The recently announced power position in the US is another example of this strategy in action,” said Mathieu.
“Offshore, we are excited to support operator Shell to progress the Sparta project, where we have 49% equity. Planned to come on stream in 2028, Sparta will become a new corner stone for us in the US Gulf.”
New opportunities in Angola
Angola has been important for Equinor ever since country entry in 1991 and remains a core country with high production and new opportunities.
“We are supporting the operators in their efforts to extend the life of producing fields and develop new opportunities. Our Norwegian Continental Shelf experience is very relevant as Angolan fields are maturing,” said Mathieu.
In June, Equinor along with operator Azule Energy, sanctioned the Greater PAJ (Palas, Astrea and Juno) project. Planned to come on stream in 2029, it will unlock around 250 million barrels of resources and contribute to sustaining Angola as an important production hub for Equinor.
Brazil growth engine
Brazil is expected to be a major driver of Equinor’s international growth towards 2030, with equity production approaching 200,000 boepd.
The Equinor operated Bacalhau field, the first Brazilian pre salt field ever developed by an international company, came on stream late 2025 and is continuing to ramp up production from wells that are exceeding expectations.
The Raia field development is progressing well towards start-up in 2028. Once in operation, it can potentially supply around 15% of Brazil’s total projected gas demand. Both Bacalhau and Raia use combined-cycle gas turbine technology to improve energy efficiency and reduce emissions intensity, with expected CO₂ emissions of less than 6 kg per barrel for Raia and around 9 kg per barrel for Bacalhau.
Installation of the deepwater section of Raia’s natural gas pipeline was completed this summer. At its deepest point, the pipeline reaches 2,735 metres below sea level, making it the deepest gas pipeline in the world.
Stepping up exploration
For future growth, Mathieu pointed to the important Bay du Nord project in Canada as well as targeted exploration.
“We are pursuing exploration opportunities in Brazil and Angola and hope to mature and test several drilling candidates over the next couple of years,” Philippe Mathieu said.
“Last week we entered a Chevron operated exploration licence in Namibia, with a drill-ready prospect that is planned to be tested already by the end of the year. We are also assessing and maturing exploration opportunities in Argentina and the US. We are gradually stepping up our exploration activity to support a focused strengthening and replenishment of our international portfolio.”
