Our business areas at a glance

Exploration & Production Norway (EPN)

Exploration & Production Norway (EPN) is the backbone of our portfolio. Accounting for around two-thirds of equity production, EPN plays a vital role in Europe’s energy security, providing consistent, stable and high-value production with low emissions.

We expect strong activity on the NCStowards 2035, supported by a new operating model to be implemented in 2026. Improving recovery from our fields and active exploration and faster developments are crucial for sustaining production on the continental shelf, ensuring security of energy supply and maintaining a strong cashflow.

Exploration & Production International (EPI)

Our business area Exploration & Production International (EPI) has operations in eight countries. EPI consists of two reporting segments: E&P USA and E&P International.

Our investments abroad support local economies through job creation, technology transfer and infrastructure development while strengthening our global presence and long-term resilience.

Marketing, Midstream & Processing (MMP)

Marketing, Midstream & Processing (MMP) connects producers and consumers and is responsible for marketing and trading globally, as well as refining and processing crude oil, condensates, natural gas and liquids.

It is divided into business clusters including Gas & Power, Crude, Products & Liquids and Onshore Plants, designed to maximise value across our energy value chains through flow assurance, premium market access and asset backed trading.

MMP is also pioneering low-carbon solutions, operating the CO₂ facility Northern Lights (NL) as technical service provider on behalf of the NL JV and developing low-carbon projects such as Northern Endurance Partnership and Net Zero Teesside Power to support industrial decarbonisation.

Power (PWR)

A new Power business area has been established and will be a reportable segment from the first quarter of 2026. Power brings together the REN business area and flexible power assets from MMP, creating a single portfolio that integrates capabilities within renewables, storage, flexible power generation and trading.

Through this integration, we aim to optimise across technologies, markets and ownership structures and create value through market and price cycles and volatility.

The marketing and trading of power is conducted through Equinor’s subsidiary Danske Commodities.

Projects, Drilling & Procurement (PDP)

Our Projects, Drilling & Procurement (PDP) business area develops and executes projects, delivers the Equinor well portfolio and is responsible for procurement in Equinor. Together with our suppliers, we strive to create sustainable value through a simplified and standardised approach.

In 2025, first oil was achieved at Johan Castberg and Askeladd West in the Barents Sea, along with start-up of the Halten East tie-back and the Verdande field in the Norwegian Sea. Furthermore, the Northern Lights development decision for phase two was approved.

The Bacalhau oil and gas field offshore Sao Paulo is being developed, with first oil reported in fourth quarter of 2025, while we expect start-up at the Raia natural gas project in the Campos Basin in 2028.

Technology, Digital & Innovation (TDI)

Our Technology, Digital & Innovation (TDI) business area brings together digital solutions, research, innovation and technology improvements to accelerate business impact and opportunities. TDI has two strategic portfolio areas:

T&I supports our oil, gas, renewables and low-carbon business, guided by our technology strategy for delivering impact today and tomorrow. T&I is divided into the clusters Enterprise Digital, Oil and Gas, Renewables and Low Carbon, Technology Strategy and Portfolio and Partnerships.

NBI’s mandate is to build new industrialscale sustainable and profitable businesses for Equinor outside of our current core business and support our core business through venture investments that advance the energy transition.