Equinor is restructuring its global portfolio by divesting part of its Angolan assets, redirecting capital toward growing production in Brazil and the United States. The move reflects a strategic shift to focus on higher-margin, scalable projects in key offshore regions.
- Equinor plans to divest stakes in Angola’s Kizomba A and B fields
- Brazil and U.S. production expected to grow by 35% by 2028
- Brazil and U.S. projects to add 60,000 boe/d in net output by 2028
- Divestment proceeds projected between $2.1B and $2.7B
- Reinvestment to focus on North Sea offshore wind and carbon capture
- Angola’s offshore output forecast to remain flat, limiting growth potential
Equinor has announced plans to reduce its stake in several offshore blocks in Angola, marking a strategic pivot away from the West African nation as production gains momentum in its newer ventures. The Norwegian energy company is expected to offload a majority of its equity in the Kizomba A and B fields, where output has plateaued, in favor of expanding its presence in the U.S. Gulf of Mexico and Brazil’s pre-salt basins. The company’s production from Brazil and the United States is projected to rise by 35% by 2028, driven by the full operational ramp-up of the Lapa and Búzios fields in Brazil, and the Falcon and Shenandoah developments in the U.S. These projects are expected to contribute approximately 220,000 barrels of oil equivalent per day (boe/d) by the end of the decade, up from 160,000 boe/d in 2025. In contrast, Angola’s contribution is forecast to remain flat, with current output from the Kizomba complex at around 110,000 boe/d, showing limited growth potential. The divestment could generate between $2.1 billion and $2.7 billion in proceeds, which Equinor intends to reinvest in low-carbon initiatives, including offshore wind and carbon capture projects in the North Sea. The shift impacts not only Equinor’s capital allocation but also the broader energy landscape in Angola, where international interest in offshore exploration has waned due to regulatory uncertainty and rising operational costs. Meanwhile, U.S. and Brazilian offshore developments are attracting investment due to favorable fiscal terms and proven reservoir quality.