Equinor targets 950,000 boepd from streamlined international portfolio by 2030
Equinor plans to lift equity production outside Norway from 750,000 boepd in the second quarter of 2026 to 950,000 boepd by 2030, while generating about $20 billion of free cash flow over 2026-2030. Growth is expected to be led by US, Brazilian and Angolan assets, including Sparta, Greater PAJ, Bacalhau and Raia.
Equinor is targeting 950,000 barrels of oil equivalent per day of equity production outside Norway by 2030, up from 750,000 boepd in the second quarter of 2026. The company expects the streamlined international portfolio to generate about $20 billion of free cash flow between 2026 and 2030, with cash flow from production growing around 80% toward the end of the decade.
The US accounted for 433,000 boepd of equity production in the second quarter, about 100,000 boepd more than two years earlier. Offshore, Equinor holds a 49% interest in the Shell-operated Sparta development in the US Gulf, which is scheduled to begin production in 2028.
In Angola, Equinor and operator Azule Energy sanctioned the Greater PAJ development in June. The Palas, Astrea and Juno project is expected to unlock approximately 250 million barrels of resources and start production in 2029.
Brazil is expected to contribute close to 200,000 boepd of equity production by 2030. The Equinor-operated Bacalhau field, which started production in late 2025, is ramping up, while Raia remains on course for a planned 2028 start-up. Installation of the deepwater section of Raia’s gas pipeline was completed during the 2026 summer. Equinor said the pipeline reaches a maximum water depth of 2,735 metres, which would make it the world’s deepest gas pipeline.
The company is also stepping up exploration. It recently entered a Chevron-operated licence in Namibia containing a drill-ready prospect planned for testing by the end of 2026, while continuing to assess opportunities in Brazil, Angola, Argentina and the US. Bay du Nord in Canada remains part of its longer-term growth portfolio.