Equinor Plans 26 Offshore Wells in Norway for 2026 to Sustain Production Levels

Equinor Unveils Extensive 2026 Offshore Drilling Program

Equinor ASA, Norway's leading energy company, has revealed its intention to drill approximately 26 exploration and appraisal wells offshore Norway in 2026. This substantial drilling campaign is a key component of the company's long-term strategy to counteract natural decline and sustain oil and gas production levels on the Norwegian Continental Shelf (NCS) at approximately 2020 levels through 2035.

Details of the Drilling Campaign

The planned 26 wells for 2026 will primarily focus on the country's mature offshore regions. Approximately 20 exploration and appraisal wells are slated for the North Sea, with an additional three wells each designated for the Barents Sea and the Norwegian Sea. Jez Averty, a senior vice president for Equinor's exploration and production unit, noted that the pace of drilling is expected to be similar in 2027. While Equinor aims for 20% of its exploration efforts to target new prospects, only two of the wells planned for 2026 will be entirely fresh discoveries, indicating a strong focus on optimizing existing areas.

Strategic Rationale and Investment

This extensive drilling program is underpinned by a significant financial commitment. Equinor plans to invest approximately 60 billion Norwegian crowns (around $5.86 billion) annually over the next decade to support its exploration and production goals on the aging continental shelf. CEO Anders Opedal emphasized the scale of this undertaking, stating that 'Fighting decline on a mature shelf calls for one of the largest industrial plans Norway has ever seen.' The company's broader ten-year plan includes drilling a total of 250 exploration wells and developing 75 subsea fields, alongside managing over 600 production wells. This strategy is driven by expectations of continued global demand for fossil fuels.

Industry Context and Future Outlook

Norway continues to be Europe's largest supplier of natural gas, a position it has held for the past three years. Equinor's commitment to the NCS underscores the region's ongoing importance to both the company and European energy security. The company's strategic shift towards maintaining hydrocarbon production comes after it scaled back its ambitions for developing renewable energy capacity by 2030 earlier this year. Opedal acknowledged that the company had been 'too optimistic' about the rapid breakthrough of green technologies. Equinor's long-term vision for the NCS aims to ensure continued supply and economic stability, with approximately 70% of the anticipated production in 2035 expected to originate from fields and projects initiated after 2020.