Equinor’s dramatic renewable cuts and increased focus on oil and gas mirrors moves across the energy sector. The Norwegian major is prioritising shareholder returns over energy transition spending.
The Equinor CEO said he had regular discussions with turbine makers on improving costs. “I’m sure that in time offshore wind will be back with lowering the levelised cost of energy.”
Equinor reported a profitable Q3 despite lower gas prices, but pointed to a major impairment expected on its US wind portfolio.
“I believe developing Rosebank will be needed, as oil and gas will be needed in the energy transition. Our strategy is to develop oil and gas, renewables and low carbon solutions.”
While the country cries out for cheap electricity, it seems perverse to fork out hundreds of millions of pounds to pay wind farm operators not to generate electricity.
Equinor chief executive Anders Opedal said Rosebank will be needed to shore up UK energy security, and that recent windfall tax measures had not affected the company’s North Sea strategy.
Equinor (OSLO:EQNR) joined peers in reporting record third-quarter results and announcing a hike to its dividend on the back of soaring gas prices and boosted supplies to Europe.
Al Cook is trading up oil exploration with Equinor for hunting for diamonds in Africa with De Beers.
A new report from Equinor analysts presents two potential pathways for energy transition, and warns of the gap between incremental change and rapid decarbonisation needed to meet Paris goals.
Energy bosses have been paying tribute to “class act” Ben van Beurden after news broke that he would be stepping down as chief executive of Shell (LON: SHEL).
Equinor (OSE, NYSE: EQNR) the majority state-owned Norwegian oil firm, has unveiled a whopping set of profits and upped its share buyback plan to $6 billion for 2022.
Norway’s state-run oil company Equinor has condemned a fatal shooting at an LGBTQ+ venue in Oslo.
Equinor is studying the potential for a new 1GW wind farm to power a series of oilfields in the North Sea.
Equinor is to increase its share buybacks after posting “strong financial results” for the first quarterof 2022.
Equinor has confirmed that it will stop trading in Russian oil as the company shuts down its operations in the country.
Norwegian energy giant Equinor (OSLO: EQNR) has made a host of changes to its top brass after a senior figure announced his intention to retire.
Norwegian oil giant Equinor has followed BP in announcing that it will start exiting its joint venture businesses in Russia.
Evaluating the company’s 2021 results, executives from the Norwegian energy giant spoke of their disappointment at not securing capacity in the recent ScotWind auction, but said it would not change their renewables strategy.
Equinor has hailed “record adjusted earnings” in Q4 of 2021 as European energy prices reached unprecedented levels.
Equinor’s Martin Linge oil and gas field will be officially opened today after more than six months in production.
The world is on course for a “deeply flawed” and “ever more chaotic energy transition”, Saudi Aramco CEO Amin Nasser has said, in comments at the World Petroleum Congress.
Equinor enjoyed a boost to profits in the third quarter driven by higher oil prices, while seasonally lower winds dented revenues from renewables.
Equinor’s chief executive has vowed to toughen safety measures after the firm experienced “several serious incidents” throughout 2020.
Equinor is making job cuts in the UK, Canada and US in response to the oil downturn, with its Aberdeen workforce included in the process.
Equinor has appointed insider Anders Opedal as its new CEO, replacing Eldar Saetre who is to retire after 40 years in the Norwegian energy company.