Equinor plans to drill 250 oil and gas wells in Norway by 2035

Core Insights - Equinor plans to drill 250 oil and gas exploration wells in Norwegian waters over the next decade to maintain production levels in 2035 similar to those in 2020, reflecting expectations of sustained global fossil fuel demand [1][2] - The company will allocate approximately Nkr60 billion ($5.86 billion) annually to support output from Norway's aging continental shelf, indicating a significant industrial commitment [2] - The International Energy Agency (IEA) forecasts that global oil demand could reach around 113 million barrels per day by mid-century, a 13% increase from 2024 levels, suggesting a long-term growth trajectory for fossil fuels [3] Financial Performance - Equinor reported an adjusted operating income of $6.21 billion in Q3 of this year, a 10% decline compared to the same period last year, influenced by a decrease in liquids prices [4][5] - The decline in income was partially offset by increased production levels and higher gas prices in the US, highlighting the company's adaptive strategies in a fluctuating market [5] Industry Context - The CEO of Equinor acknowledged that the company had been overly optimistic about the rapid adoption of low-carbon technologies, indicating a broader industry reevaluation due to rising costs and political challenges [3] - The renewable energy capacity development targets have been reduced by Equinor, following similar actions by other European energy companies, as the renewables market faces significant challenges [4]