Equinor reshapes international portfolio — targets 950,000 boepd outside Norway by 2030

Portfolio and targets

Equinor says its international portfolio is simplified and high-graded, with equity production outside Norway at 750,000 boepd in Q2 2026 and a target of 950,000 boepd by 2030. The company expects to generate around USD 20 billion of free cash flow from 2026 to 2030 and forecasts cash flow from production to grow about 80% towards 2030, significantly faster than production.

US business

Equity production from the US was 433,000 boepd in Q2 2026, roughly 100,000 boepd higher than Q2 2024. The company has deepened onshore natural gas positions and expanded marketing, trading and power exposure, including a recent power position in the US. Offshore, Equinor holds 49% equity in the Shell-operated Sparta project, planned to come on stream in 2028.

Angola and sanctioned projects

Angola remains a core country since entry in 1991. Equinor supports operators to extend field life and develop new opportunities. In June, Equinor and operator Azule Energy sanctioned the Greater PAJ (Palas, Astrea and Juno) project, planned to come on stream in 2029 and expected to unlock about 250 million barrels of resources.

Brazil and exploration

Brazil is expected to approach 200,000 boepd equity production toward 2030. The Equinor-operated Bacalhau field came on stream late 2025 and is ramping above expectations; the Raia development targets start-up in 2028 and could supply around 15% of Brazil’s projected gas demand. Both developments use combined-cycle gas turbine technology with expected CO₂ emissions below ~6 kg/boe for Raia and around 9 kg/boe for Bacalhau, and Raia’s deepwater pipeline reaches 2,735 metres below sea level. Equinor is also stepping up exploration, citing Bay du Nord in Canada, new licences in Namibia with a drill-ready prospect planned by year-end, and activity in Brazil, Angola, Argentina and the US to replenish the portfolio.