Equinor to Ramp Up Norwegian Energy Activity Through 2035

Core Insights - Equinor has significantly increased its economic impact in Norway, with procurement spending rising to NOK 142.6 billion in 2024 from NOK 134 billion in 2023, with 93% directed to Norwegian suppliers across 260 municipalities [1][2][3] Economic Impact - The procurement surge supported over 85,000 full-time equivalent jobs, highlighting Equinor's crucial role in employment and industrial growth in Norway [2] - The majority of the economic impact, over NOK 85 billion, stemmed from operating existing fields and onshore facilities, emphasizing the need for continued exploration and resource development as the Norwegian Continental Shelf matures [3] Development Projects - Development projects contributed more than NOK 36 billion in Norwegian deliveries, supporting over 20,000 full-time equivalents, with subsea developments accounting for 31%, Johan Castberg at 26%, and electrification projects at 23% [4] - Exploration spending increased to NOK 10.8 billion, over NOK 3 billion more than in 2023, indicating a strong commitment to exploration activities [4] Future Plans - Equinor aims for ambitious targets through 2035, including 250 exploration wells, 600 new development wells, 75 subsea developments, and 50 low-pressure projects, necessitating a focus on cost efficiency and collaboration with competitive suppliers [5] Supplier Industry Impact - Equinor's operations bolster employment and technical expertise among small, specialized suppliers in Norway, with competition for contracts fostering innovation in the supplier industry [6] Renewable and Low-Carbon Initiatives - The 2024 report introduced the economic effects of Equinor's renewable and low-carbon initiatives, with NOK 170 million in services delivered related to Hywind Tampen and the Northern Lights carbon capture project [7][8] Comprehensive Analysis - The report, prepared by Kunnskapsparken Bodo, analyzed procurement data from nearly 1,900 suppliers and thousands of sub-suppliers across 300 sectors, expanding its scope to include renewables and low-carbon solutions [8][9]