Equinor Plans Higher Oil Output in Fewer Nations

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Equinor (EQNR) plans to boost production outside Norway to 950,000 barrels of oil equivalent per day, (boepd) by 2030, while generating $20 billion of free cash flow from 2026 to 2030, said the oil giant's Executive Vice President Philippe Mathieu on Tuesday.

Equinor's production outside Norway was 750,000 boepd in Q2, up more than 10% in two years, despite exits from positions in Azerbaijan and Nigeria.

Equinor's production in the US was 433,000 boepd in Q2, or 100,000 boepd more than in the same quarter 2024.

"Cash flow from production is expected to grow around 80% towards 2030, significantly faster than production, reflecting a more competitive and resilient portfolio," added Mathieu, in a prepared statement.

Equinor is also expanding operations in Angola, Brazil and Canada, said Mathieu.

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