Equinor ASA (NYSE:EQNR) on Tuesday said it secured fresh acreage in the latest licensing round on Norway’s continental shelf.
The company outlined access to new blocks across key offshore regions.
Equinor was awarded 35 new production licenses in the Awards in Predefined Areas round on the Norwegian continental shelf.
The awards span the North Sea, the Norwegian Sea, and the Barents Sea and position the company for future exploration and production activity.
Exploration Opportunity
Of the 35 licenses, 21 are in the North Sea, 10 are in the Norwegian Sea, and four are in the Barents Sea.
Equinor will act as operator in 17 of the new areas, providing leadership on key drilling and development plans.
The Norwegian energy firm marked a productive 2025 with 14 discoveries, half of them operated directly by Equinor.
Those discoveries represent roughly 125 million barrels of potential recoverable oil equivalent, the company said.
Many of the licenses awarded sit near established infrastructure, while others open less explored geological areas.
Equinor said this mix supports both near-term development and long-term geological understanding.
Exploration Plans
The company aims to drill between 20 and 30 exploration wells each year across its portfolio.
Most drilling will occur near existing infrastructure, though a portion will test new prospects.
Equinor said finding and maturing fresh resources is crucial to its goal of advancing six to eight subsea developments annually through 2035.
That pace represents a sharp increase over current development activity.
European Energy Role
As one of Europe’s largest energy suppliers, Equinor said access to new acreage is central to sustaining production levels and stable deliveries through 2035.
The company said new discoveries should help offset expected declines in existing fields.
EQNR Price Action: Equinor shares were up 2.76% at $24.55 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo by JHVEPhoto via Shutterstock
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