Equinor's New Fields Boost Norway's Oil Production to Record Level

Equinor ASA EQNR, a Norwegian integrated energy company, made significant contributions to Norway’s oil production in the past month. The successful ramp-up of production from the new Johan Castberg field and the Johan Sverdrup field has boosted Norway’s oil output by approximately 17% from June 2025 levels to 1.96 million barrels of oil per day, according to a statement by the Norwegian Offshore Directorate (NOD).

Norway’s oil output in the past month climbed to its highest level in more than a decade. Oil and gas production companies operating on the Norwegian Continental Shelf (NCS) are investing billions of dollars to enhance recovery from the mature fields in the region. The output from the NCS has declined from the levels seen in the 2000s. However, companies such as EQNR, along with other operators like Vår Energi, continue to explore new reserves in the region and expand production wells at existing fields to enhance oil recovery.

Equinor believes that the Barents Sea remains a less explored region within the NCS. Other operators like Vår Energi also believe that the region holds significant untapped potential that can help contribute to Norway’s oil output in the upcoming years. Norway is responsible for about 2% of the global oil production. The country also became one of the largest suppliers of piped gas after the invasion of Ukraine by Russia in 2022.

EQNR’s Zacks Rank & Key Picks

Currently, EQNR carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Antero Midstream Corporation AM, Enbridge Inc. ENB and Galp Energia SGPS SA GLPEY. While Antero Midstream carries a Zacks Rank #1 (Strong Buy), Enbridge and Galp Energia carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks Rank #1 stocks here.

Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company’s higher dividend yield, compared to its sub-industry peers, makes it an attractive choice for investors who seek consistent returns.

Enbridge is a leading midstream energy firm that operates an extensive crude oil and liquids transportation network spanning 18,085 miles, along with a gas transportation network covering 71,308 miles. The company has a stable business model supported by take-or-pay contracts, protecting it against commodity price volatility.

Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.

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This article originally published on Zacks Investment Research (zacks.com).

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