Equinor has signed framework agreements valued at 100 billion Norwegian crowns over the next five years with a consortium of contractors to carry out maintenance and modifications on its offshore and onshore installations. The contracts, awarded on Thursday, cover work scopes ranging from platform upgrades in the North Sea to enhancements at the company’s processing facilities onshore. By spreading engagements across more than 20 suppliers, Equinor aims to bolster operational reliability, extend asset lifespans and support its 2026 production targets of 2.0 million barrels of oil equivalent per day. Local content provisions within the agreements mandate that at least 60 percent of labour and materials be sourced from Norwegian firms, supporting the regional supply chain and preserving domestic engineering expertise.

In an interview with Reuters on Wednesday, Equinor’s chief executive officer stated that the company has no plans to return to Venezuela, a country it exited in the early 2010s. The decision reflects ongoing concerns over regulatory unpredictability and challenges in repatriating capital. Equinor’s exit followed the nationalization of joint ventures and a shifting fiscal regime that undermined project economics. The CEO emphasized that the company will continue to focus investment on regions with stable frameworks, particularly in the Norwegian continental shelf and the U.S. Gulf of Mexico, where Equinor projects spending of around $8 billion in 2026 to support new field developments and low-carbon initiatives.