Norwegian oil and gas company Equinor has released its 2019 results, announcing a record high production over the last quarter of 2019 thanks to the start of the Johan Sverdrup oil field in October 2019 that added more than 350,000 bbl/d to the group's output. Oil and gas production averaged 2,074 mboe/d during 2019 (-2% on 2018), due to a lower liquid production (-5% in Norway and -1% abroad) while gas production remained stable (-3% in Norway but +7% abroad). The start of Johan Sverdrup in the fourth quarter of 2019 raised the average production to nearly 2,200 mboe/d (+1% compared to the fourth quarter of 2018). At the end of 2019, Equinor had completed 42 exploration wells with 18 commercial discoveries. The group holds 6 Gbl of proven reserves, with a reserves to production ratio (R/P) of 8.6 years and an organic proved reserve replacement ratio (RRR) of 83%. Equinor aims to raise its oil and gas production by around 3%/year over the 2019-2026 period.
Where renewables are concerned, Equinor aims to reach a production capacity of 4 to 6 GW in 2026, corresponding to a 30%/year growth in its installed capacity. Renewable capacities should be raised to 12 to 16 GW towards 2035.