Equinor (EQNR Quick QuoteEQNR - Free Report) , the Norwegian energy giant, has reinforced its economic footprint across Norway in 2024, with a new report revealing substantial ripple effects from its exploration, development and operational activities. The state-backed energy giant procured goods and services worth NOK 142.6 billion—up from NOK 134 billion in 2023 — with 93% of that spending directed toward Norwegian suppliers spread across 260 municipalities.

This surge in procurement supported more than 85,000 full-time equivalent jobs, underscoring Equinor’s pivotal role in sustaining employment and driving industrial momentum in Norway.

EQNR’s Norwegian Operations Anchor Economic Impact

According to Equinor’s executive vice president for Exploration & Production Norway, Kjetil Hove, the greatest share of the economic impact — over NOK 85 billion — came from operating existing fields and onshore facilities. Hove emphasized the importance of continued exploration and resource development to maintain this value creation, particularly as the Norwegian Continental Shelf (“NCS”) matures.

Development projects alone generated more than NOK 36 billion in Norwegian deliveries, supporting over 20,000 full-time equivalents. Subsea developments accounted for 31% of this, followed by Johan Castberg — the largest Norwegian field development in 2024 — at 26%, and electrification projects at 23%.

Exploration activity also saw a marked increase, with Equinor spending NOK 10.8 billion — over NOK 3 billion more than in 2023.

EQNR’s Ambitious Activity Plans Through 2035

Looking ahead, Equinor is setting ambitious targets for the NCS through 2035 — 250 exploration wells, 600 new development wells, 75 subsea developments, 3,000 interventions, 2,500 modification projects and 50 low-pressure projects.

Hove emphasized that maintaining this level of activity will require a strong focus on cost efficiency and collaboration with competitive suppliers to sustain value creation and secure long-term energy supplies to Europe.

Steinar Stamnes, head of the Styrke Norwegian Continental Shelf union, highlighted that Equinor’s nationwide operations support employment and foster technical expertise among Norway’s small, specialized suppliers. He also pointed out that competition for contracts plays a key role in promoting innovation across the supplier industry, benefiting the broader energy sector.

EQNR’s Renewables and Low-Carbon Impact on the Rise

The 2024 report included, for the first time, ripple effects from EQNR’s renewable and low-carbon initiatives. The Norwegian supplier industry delivered services worth NOK 170 million related to the operation of Hywind Tampen and the Northern Lights carbon capture and storage project.

Prepared by Kunnskapsparken Bodo (“KPB”), the report examined procurement data from nearly 1,900 suppliers and thousands of sub-suppliers across 300 sectors. Since 2019, this annual analysis has grown to include not just core oil and gas operations, but also exploration (added in 2022), development (added in 2023), and renewables and low-carbon solutions (added in 2024).

As Equinor expands its future-forward energy ambitions, the report affirms its ongoing role as a critical economic engine for Norway, balancing its traditional oil and gas roots with emerging clean technologies.

EQNR’s Zacks Rank & Key Picks

EQNR currently carries a Zacks Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. (AROC Quick QuoteAROC - Free Report) , Kinder Morgan, Inc. (KMI Quick QuoteKMI - Free Report) and Enterprise Products Partners L.P. (EPD Quick QuoteEPD - Free Report) . While Archrock presently sports a Zacks Rank #1 (Strong Buy), Kinder Morgan and Enterprise Products carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

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