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Equinor (New York Stock Exchange: EQNR) is spending ~$6 billion annually in oil and gas exploration and drilling in Norway to maintain stable production levels until 2035, Chief Executive Anders Opedal told Reuters on Tuesday.
The $6 billion is the most Equinor (EQNR) can earn “without losing efficiency and degrade the efficiency of our investments,” Opedal said in a interview at the CERAWeek energy conference in Houston.
The company has 50 oil and gas projects underway or in planning stages in Norway's North Sea to sustain production and offset the natural decline of existing fields, the chief executive said, adding that it plans to drill 30 oil and gas wells. exploration per year for the next decade.
Norway exported ~109 billion cm of gas through its 8,800 km pipeline network connecting it to Europe in 2023, and Opedal said Equinor's (EQNR) net production share is ~40 billion cm /year on average, which the company will maintain stable until 2035.
European gas reserves are “in a good position” and are expected to exceed 50% of storage capacity by the end of winter in April, Opedal also stated.
