Equinor (EQNR) Global Supplier Day 2026 summary

Strategy and capital allocation

• Updated strategy centers on reliable energy in a changing world, developing the Norwegian Continental Shelf (NCS), growing the international portfolio and building an integrated power business.

• For 2026–2030, planned capital allocation is 60% to the NCS, including onshore plans; 30% to international oil and gas; and 10% to power.

• Cost pressure is a key constraint: operations costs have risen 60% and engineering hours 140%; cost and productivity trends must reverse to enable project sanctions.

Production and portfolio

• NCS production ambition is 1.3 million barrels per day through 2035; international production is targeted to grow 30% to 950,000 barrels per day by 2030.

• 90% of reserves targeted for 2030 are covered by sanctioned projects in execution; international exploration plans call for 2–4 wells annually, focused along the Atlantic margin.

• In Brazil, Raia is targeted to start production in 2028; its FPSO is 80% complete, the gas export pipeline is installed and drilling is ongoing. Rosebank is planned to start up in 2026–2027.

• Bay du Nord and Wisting remain unsanctioned; costs are being reduced to support potential sanctions.

NCS 2035 delivery model

• NCS activity outlook through 2035 includes 900 wells across IOGR and projects, 75 tieback projects, 250 modifications per year, decommissioning of 8 installations and 200 P&As.

• Around 230 IOGR projects represent ~1 billion barrels of recoverable resources; ~200 exploration prospects contain >1 billion barrels, with another ~200 prospects expected to be identified.

• Exploration ambition is ~250 wells through 2035; the current portfolio has ~65 tieback projects with ~1 billion barrels of resources, with a target pace of 6–8 tiebacks annually.

• Plan to sanction 21 tieback projects in three waves over the next 18 months, adding ~500 million barrels of resources.

• Targets are to raise delivery from 2–3 to 6–8 projects annually, increase productivity 300%, and cut project cost and time 50%; processes and decision gates have been simplified.