Equinor announced that its international oil and gas portfolio will return to growth in the coming years, targeting more than 900,000 barrels of oil equivalent per day (boed) abroad by 2030. The move follows the divestment of onshore assets in Argentina and signals a renewed focus on organic expansion in key regions.

After shedding mature assets, the Norwegian energy group now operates in seven countries outside Norway, down from a dozen in 2019. Domestic production is expected to remain stable, while overseas output is set to climb from roughly 730,000 boed in 2025 to the 900,000‑boed goal.

The projected increase is underpinned by several flagship projects. Bacalhau began production in October and is ramping toward 220,000 barrels per day in the second half of 2026, while Raia is slated to start in 2028. The company is also close to Decision Gate 2 for Bay du Nord, a Canadian project that could deliver more than 400 million barrels of oil. In the United States, the Shell‑operated Sparta field and the Adura joint venture with Shell are expected to contribute rising volumes.

Philippe Mathieu, head of foreign operations, told Reuters that despite divesting mature assets, the company still sees growth to 900,000 barrels. He added that the main focus in the United States and Brazil is to grow the portfolio organically. "We are weeks away from Decision Gate 2… when we start using big money," he said, referring to Bay du Nord. He also noted that beyond 2030, Equinor is positioning itself for new exploration in Brazil, Angola, and the U.S. Gulf, while evaluating potential areas such as the Eastern Mediterranean and Namibia.

Looking ahead, Equinor’s strategy hinges on steady, targeted expansion and the development of high‑potential fields. The company’s emphasis on organic growth in the U.S. Gulf and Brazil, coupled with its commitment to new exploration, positions it to meet the 900,000‑boed target while maintaining a balanced risk profile across its international portfolio.