Equinor Secures NOK 17B Drilling and Well Services Extensions to Sustain 1.2MM Boepd by 2035
Equinor extended drilling and well services contracts on the Norwegian shelf worth NOK 17B, including NOK 8.3B for integrated drilling and NOK 4.3B for specialist frameworks. Awards to Baker Hughes Norge, Halliburton and SLB underpin Equinor’s goal of 1.2MM boepd by 2035, with 70% output from new wells.
1. Contract Extensions Overview
Equinor exercised one-year extension options on three integrated drilling and well services contracts valued at NOK 8.3 billion, plus two-year options on 18 specialist framework agreements worth NOK 4.3 billion per year, bringing total shelf activity support to NOK 17 billion.
2. Strategic Production Goals
The expanded agreements underpin Equinor’s ambition to sustain production of around 1.2 million barrels of oil equivalent per day toward 2035, with new wells expected to account for roughly 70% of output as mature fields decline.
3. Supplier Collaboration
Integrated services contracts were awarded to Baker Hughes Norge, Halliburton and SLB, which along with 15 additional suppliers on the specialist frameworks will provide drilling and well interventions across fixed installations and mobile rigs.
4. Operational and Economic Impact
These extensions are projected to support approximately 2,500 jobs offshore Norway, enhance cost-efficiency through technology and standardization, and ensure stable energy supplies as the company accelerates new well delivery.