OSLO, Nov 25 – Equinor plans to drill 250 oil and gas exploration wells in Norwegian waters by 2035 as part of its strategy to maintain 2020 production levels. This initiative comes in response to expectations for continued fossil fuel demand, according to the company’s CEO, Anders Opedal, during a recent energy conference.
To sustain production on Norway’s aging continental shelf, the company will invest approximately 60 billion Norwegian crowns ($5.86 billion) annually over the next decade. Opedal emphasized that this effort represents “one of the largest industrial plans Norway has ever seen,” highlighting the challenges of dealing with declining resources on a mature shelf.
Global demand for oil and gas may continue to grow through 2050, according to the International Energy Agency, which revised its prior expectations of a rapid transition to cleaner fuels. The agency now predicts that the world is unlikely to meet its climate targets.
Opedal admitted that the company had previously been overly optimistic about the pace of development of certain low-carbon technologies, such as CO2 transportation, storage, and floating offshore wind. This reflects a broader industry reassessment, where high costs and political resistance are slowing the shift away from fossil fuels. Earlier this year, Equinor reduced its 2030 renewable energy goals, joining other major European energy companies in scaling back their ambitions. Despite scaling back ambitions, Opedal expressed confidence that these technologies will be essential in the future, although their timeline for success remains uncertain.
