Equinor has extended drilling and well‑service contracts worth NOK 17 billion ($1.8 billion) to sustain high activity on the Norwegian continental shelf and support stable energy supply to Europe.
The move comes as the company targets around 1.2 million barrels of oil equivalent per day (boepd) by 2035, with new wells projected to supply roughly 70% of that output and help offset maturing fields.
Key Data
The extensions cover integrated drilling and well‑services contracts valued at NOK 8.3 billion ($893 million) and specialist‑services framework agreements estimated at about NOK 4.3 billion ($463 million) per year over two years. The deal is expected to support roughly 2,500 jobs and cover drilling and well operations across a broad portfolio of offshore assets and rigs.
Equinor awarded the integrated services contracts to Baker Hughes Norge, Halliburton and SLB, all of which also secured positions under the specialist‑services framework agreements alongside 15 additional suppliers.
"These agreements are among the largest we have, and they are crucial for activity on the Norwegian continental shelf," said Jannicke Nilsson, Equinor's chief procurement officer. "New wells enable us to maintain high production and deliver stable energy to Europe, which is particularly important during continued turbulence in global energy markets."
"This means more wells and more well interventions, delivered significantly more cost‑efficiently than today," said Rune Nedregaard, Equinor's senior vice president for Wells, pointing to increased use of technology, standardisation, and industry collaboration.
Outlook
With sustained drilling activity, Equinor aims to keep Norway as a key supplier and reduce Europe's exposure to more volatile global sources. The company's strategy to focus on new wells and interventions is expected to keep its share of national output dominant, even as large discoveries dwindle.
