Equinor Bullish on Offshore Oil
Equinor plans to invest 60 billion-70 billion crowns ($5.7 billion-$6.7 billion) per year offshore Norway towards 2035 as it expects continuing strong demand for oil, it said on Monday.
Norway is Europe's largest gas supplier and a major producer of oil, pumping some four million barrels of oil equivalent per day, but many of its largest offshore fields are in decline and there are currently no new developments scheduled for the 2030s.
At the same time, oil and gas investments are expected to hit a record this year and stay at elevated levels in 2025, driven by ongoing field developments and rising inflation, according to national statistics office data.
"We see a long-term demand curve for Norwegian oil and that is why we continue to invest," CEO Anders Opedal told a press conference.
(Reuters - Reporting by Nerijus Adomaitis, writing by Gwladys Fouche, editing by Terje Solsvik)