ONS 2026: Equinor targets 950,000 boe/d international output by 2030

Equinor says its streamlined international portfolio is on track to deliver 950,000 boepd by 2030, supported by growth projects in the US Gulf, Brazil, Angola and Canada.
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Aug. 26, 2026
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Why this news matters:

  • Equinor is concentrating investment in a smaller number of core international regions while still targeting production growth, highlighting where the company sees the strongest long-term offshore opportunities.

  • Major offshore developments including Sparta, Bacalhau, Raia, Greater PAJ and Bay du Nord are expected to underpin Equinor's international production and cash flow growth through the end of the decade.

Courtesy Equinor
Process equipment and piping aboard an Equinor offshore production facility

Equinor expects its international portfolio to deliver higher production and cash flow through the end of the decade following a series of portfolio optimization moves.

Equinor reported that its international oil and gas portfolio is becoming more focused and profitable following a series of portfolio adjustments, while remaining on track to increase equity production outside Norway to 950,000 boe/d by 2030. 

Speaking at an ONS 2026 briefing, Philippe Mathieu, Equinor’s executive vice president for Exploration & Production International, said the company expects to generate about $20 billion in free cash flow between 2026 and 2030 as production and margins improve. Equinor's international equity production reached 750,000 boe/d in second-quarter 2026, up more than 10% from two years earlier despite exits from legacy assets in Azerbaijan and Nigeria. 

The US has become Equinor’s largest producing country outside Norway, contributing 433,000 boe/d in second-quarter 2026. The company highlighted interests in US natural gas assets and its 49% stake in Shell-operated Sparta, a Gulf of Mexico development scheduled to begin production in 2028. 

Equinor also identified Brazil as a key growth area. The operated Bacalhau Field, which entered production in late 2025, continues to ramp up, while the Raia gas project remains on track for startup in 2028. The company said Raia could eventually supply about 15% of Brazil’s projected gas demand. 

In Angola, Equinor and operator Azule Energy sanctioned the Greater PAJ (Palas, Astrea and Juno) development in June. The project is expected to unlock about 250 MMbbl of resources and start production in 2029. 

Looking ahead, Equinor cited future growth opportunities including the Bay du Nord project offshore Canada and stepped-up exploration efforts in Brazil, Angola, Namibia, Argentina and the US.

Equinor is exhibiting at booth 8000 at the Offshore Northern Seas (ONS) event this week in Stavanger, Norway.
This piece was created with the help of generative AI tools and edited by our content team for clarity and accuracy.

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Ariana Hurtado
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Ariana Hurtado

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With more than a decade of copy editing, project management and journalism experience, Ariana Hurtado is a seasoned managing editor born and raised in the energy capital of the world—Houston, Texas. She currently serves as editor-in-chief of Offshore, overseeing the editorial team, its content and the brand's growth from a digital perspective. 

Utilizing her editorial expertise, she manages digital media for the Offshore team. She also helps create and oversee new special industry reports and revolutionizes existing supplements, while also contributing content to Offshore's magazine, newsletters and website as a copy editor and writer. 

Prior to her current role, she served as Offshore's editor and director of special reports from April 2022 to December 2024. Before joining Offshore, she served as senior managing editor of publications with Hart Energy. Prior to her nearly nine years with Hart, she worked on the copy desk as a news editor at the Houston Chronicle.

She graduated magna cum laude with a bachelor's degree in journalism from the University of Houston.

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