Equinor Boosts Norwegian Deliveries and Employment, Paving the Way for Ambitious 2035 Targets

(IN BRIEF) The 2024 report on Equinor’s deliveries in Norway shows significant growth, with procurement reaching NOK 142.6 billion—up from NOK 134 billion in 2023. An impressive 93% of these deliveries were sourced from Norwegian suppliers across 260 municipalities, creating over 85,000 full-time equivalent jobs. The report, prepared by Kunnskapsparken Bodø, highlights strong contributions from Equinor-operated fields, onshore facilities, and development projects, with subsea projects, the Johan Castberg development, and electrification projects playing major roles. Equinor is planning a substantial increase in exploration and development activities by 2035 to maintain profitability and energy supply to Europe. The analysis also covers renewable and low-carbon initiatives, including services provided for Hywind Tampen and Northern Lights, reflecting Equinor’s expanding focus on sustainable energy solutions.

(PRESS RELEASE) STAVANGER, 4-Apr-2025 — /EuropaWire/ — A new report reveals that deliveries linked to exploration, development projects, and the operation of Equinor-operated fields and onshore facilities in Norway continued to show robust growth in 2024. Equinor procured goods and services valued at NOK 142.6 billion last year, up from NOK 134 billion in 2023. Notably, 93% of these deliveries came from Norwegian suppliers spread across 260 municipalities, creating an employment impact equivalent to over 85,000 full-time positions.

Kjetil Hove, Equinor’s Executive Vice President for Exploration & Production Norway, highlighted the significance of these findings: “The report clearly illustrates the extensive ripple effects and employment benefits stemming from our operations in Norway. Our fields and onshore facilities, which alone accounted for over NOK 85 billion in deliveries, drive these positive impacts. As the Norwegian continental shelf enters a mature phase, maintaining high levels of exploration activity and unlocking new oil and gas resources remain crucial to our continued success.”

The comprehensive analysis was conducted by Kunnskapsparken Bodø (KPB) and involved data from nearly 1,900 suppliers and thousands of sub-suppliers spanning close to 300 sectors. Development projects contributed more than NOK 36 billion in Norwegian deliveries, generating upwards of 20,000 full-time equivalents. Among these, subsea developments led the way, representing 31% of the total, while Equinor’s largest field development, Johan Castberg, contributed 26%. Electrification projects also played a significant role, accounting for 23% of the development project deliveries.

Looking forward to 2035, Equinor plans to ramp up its activity on the Norwegian continental shelf. The company envisions drilling 250 exploration wells, 600 additional development wells, executing 75 subsea developments, 3,000 interventions, 2,500 modification projects, and launching 50 low-pressure projects. “Achieving these ambitious targets will require maintaining cost levels that deliver profitability,” Hove explained. “By working closely with our partners and the supplier industry, we aim to sustain value creation on the NCS and ensure continued high energy deliveries to Europe.”

The report also sheds light on Equinor’s exploration efforts, which saw deliveries increase to NOK 10.8 billion—an uptick of over NOK 3 billion from 2023. Per Steinar Stamnes, head of the union Styrke Norwegian Continental Shelf in Equinor, remarked, “Equinor’s operations create significant work for suppliers nationwide, underlining the company’s importance to local communities. The fierce competition for contracts and long-term supplier relationships fosters competence and innovation across the entire supplier industry. Many small, specialized suppliers drive our energy nation’s strengths, and we must build on these capabilities.”

Additionally, the 2024 analysis includes Equinor’s renewable energy facilities and low-carbon solutions. For instance, Norwegian suppliers delivered services worth NOK 170 million from operations related to Hywind Tampen and the development of Northern Lights.

This ripple effects report, which examines deliveries from 46 fields, six onshore facilities, exploration and development projects, as well as renewable and low-carbon solution facilities, has been conducted annually by Kunnskapsparken Bodø (KPB) since 2019. Over time, the analysis scope has broadened to encompass exploration activities (from 2022), development projects (from 2023), and renewable/low-carbon facilities (from 2024).

Facts