Equinor (EQNR) plans to drill 250 oil and gas exploration wells in Norwegian waters over the next decade as part of an effort to keep its production in 2035 at levels last seen in 2020, Reuters reported Tuesday, citing Chief Executive Anders Opedal.

Opedal said at an energy conference that the company plans to invest about 60 billion Norwegian kroner ($5.86 billion) annually to slow declines on Norway's ageing continental shelf, calling the effort one of the country's largest industrial undertakings, the report said.

The move comes as the International Energy Agency now expects global oil and gas demand to grow until 2050. Opedal said Equinor had been "too optimistic" about the pace of low-carbon technologies such as carbon dioxide storage, after the company scaled back its 2030 renewables goals earlier this year, the report said.

Equinor didn't immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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