(WO) — Equinor is targeting 950,000 boed of equity production outside Norway by 2030, up from 750,000 boed in second-quarter 2026, as the company concentrates investment in a smaller international portfolio led by the U.S., Brazil and Angola.
Philippe Mathieu, executive vice president for Exploration & Production International Photo: Ole Jørgen Bratland / ©Equinor
Speaking at an Offshore Northern Seas (ONS) press briefing in Stavanger, Equinor Executive Vice President Philippe Mathieu said international production has increased more than 10% over the past two years despite the company’s exits from legacy positions in Azerbaijan and Nigeria.
Equinor expects its international portfolio to generate approximately $20 billion of free cash flow between 2026 and 2030. Cash flow from production is expected to increase about 80% toward 2030, outpacing production growth as the company focuses on higher-margin assets.
“This is not just about production growth,” Mathieu said. “Through portfolio high grading we are building a business with stronger margins and higher cash flow.”
The U.S. is currently Equinor’s largest producing country outside Norway, with equity production of 433,000 boed in Q2, approximately 100,000 boed higher than two years earlier. The company has expanded its position in U.S. onshore natural gas while also advancing its offshore portfolio.
In the U.S. Gulf, Equinor holds a 49% interest in Shell-operated Sparta, which is scheduled to begin production in 2028.
Brazil is expected to become another major source of growth, with Equinor forecasting equity production approaching 200,000 boed by 2030. The operated Bacalhau pre-salt field began production in late 2025 and continues to ramp up, with Equinor reporting well performance above expectations.
The Raia gas development is progressing toward startup in 2028 and could eventually supply around 15% of Brazil’s projected gas demand. Installation of the deepwater portion of Raia’s gas pipeline was completed this summer, reaching a maximum water depth of 2,735 m.
Equinor is also pursuing growth in Angola. In June, the company and operator Azule Energy sanctioned the Greater PAJ development, comprising the Palas, Astrea and Juno discoveries. The project is expected online in 2029 and will unlock approximately 250 million bbl of resources.
Beyond sanctioned developments, Equinor plans to increase exploration activity to replenish its international portfolio. The company recently entered a Chevron-operated exploration license in Namibia containing a drill-ready prospect expected to be tested by year-end.
Equinor is also maturing exploration opportunities in Brazil and Angola, with several drilling candidates potentially being tested over the next two years, while evaluating additional opportunities in Argentina and the U.S.
“We are gradually stepping up our exploration activity to support a focused strengthening and replenishment of our international portfolio,” Mathieu said.
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