Equinor spends US$6bil a year to keep Norway oil and gas steady

The annual US$6bil investment is the most Equinor can make without eroding returns from operations in an area where it has been producing for more than 50 years, Opedal said. — Reuters

HOUSTON: Equinor is investing around US$6bil a year in oil and gas exploration and drilling in Norway to maintain steady output levels through 2035, chief executive office Anders Opedal says.

The Norwegian energy giant has become Europe’s main gas supplier, supplanting Russia after the European Union sanctioned Russian gas imports in the wake of Moscow’s invasion of Ukraine.