Equinor has stated that it is committed to maintaining steady output levels through 2035 by investing approximately $6 billion per year in oil and gas exploration and drilling in Norway, according to Reuters.

The annual $6 billion investment is the most Equinor can make without eroding returns from operations in an area where it has been producing for more than 50 years, CEO Anders Opedal said in an interview on the sidelines of the CERAWeek energy conference.

“We couldn’t invest more per year without losing efficiency and degrading the efficiency of our investments,” he said.

Equinor has emerged as Europe’s primary gas supplier, surpassing Russia after the European Union imposed sanctions on Russian gas imports following Moscow’s invasion of Ukraine.

To sustain output and offset the natural decline of existing fields, Equinor has 50 oil and gas projects either underway or in planning stages in the Norwegian North Sea.The company also plans to drill 30 exploration wells per year over the next decade.

Norway exported around 109 bcm of gas through its 8,800-km pipeline network connecting it to Europe in 2023, slightly lower than the previous year’s 116.9 bcm, according to pipeline system operator Gassco.

The company’s net share of production is around 40 billion cubic meters (bcm) per year on average, which it plans to maintain stable until 2035. Additionally, Equinor aims to increase its solar and wind power generation by the end of the decade.

As well as increasing gas purchases from Norway, European countries have imported more liquefied gas to compensate for lost Russian supplies.

Gas prices soared to record levels in 2022, then this winter they dropped to near pre-crisis levels as inventories remained high and demand slumped due to a mild winter and conservation measures.

European gas stocks are “in a good position” and are expected to be above 50% of storage capacity at the end of winter in April, Opedal said.

Equinor’s head of international oil and gas production, Philippe Mathieu, shared that the company aims to maintain output outside Norway steady by 2035 by investing primarily in its current production hubs, including Britain, the Gulf of Mexico, Brazil, and Angola.

Around 70% of Equinor’s exploration spending will focus on finding new resources near existing fields, according to Mathieu. The company also plans to explore for oil and gas resources in new areas, such as offshore Canada’s east coast and Argentina.