Equinor streamlines its offshore strategy

Exploration is providing mixed fortunes for IOCs amid higher costs, prompting firms to look towards M&A and safer plays

Norway’s Equinor has seen mixed fortunes from its offshore exploration in recent months, exemplifying a trend among IOCs that has seen recent high-profile successes coming alongside failures and setbacks—serving as a reminder that offshore exploration is risky. Domestically, Equinor’s exploration efforts in 2024 include drilling a dry hole at Harden sor, the sixth well to be drilled in production licence (PL) 248C in the Norwegian North Sea. This was followed by the firm delineating the Heisenberg oil and gas discovery in wells 35/10-11 S and A and also proving the presence of oil in the Hummer prospect—the first and second wells drilled in PL 827 SB. “Equinor’s performance in Norway has gen