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, Ørsted and RWE announce bids for fourth New York offshore wind round
BP (LON: BP) and Equinor ASA are parting ways in the US offshore wind market.
BP’s interim CEO says the supermajor is not on the hunt for M&A opportunities to close a narrowing valuation gap with its US peers.
Equinor reported a profitable Q3 despite lower gas prices, but pointed to a major impairment expected on its US wind portfolio.
Filings by a New York regulator show Equinor (OSE:EQNR) and BP (LON:BP) are seeking an increase of up to 54% for power from a trio of wind projects planned off the state.
Orsted's £8bn Hornsea Three wind farm is a prime example, and a number of others globally have been "re-shuffled and refocused."
Heerema Marine Contractors (HMC) has been selected as a strategic supplier to the Equinor-BP joint venture developing the Empire and Beacon Wind projects off the east coast of the US.
Equinor and BP have awarded a contract to Maersk Supply Service to deploy a newbuild wind installation vessel (WIV) at a major project offshore New York.
Equinor and BP have announced an agreement to turn the South Brooklyn Marine Terminal (SBMT) complex in Brooklyn, New York into a major regional hub for offshore wind.
BP has entered the UK offshore wind market with leases for a combined three-gigawatts of projects in the Irish Sea.
Bosses at Equinor have heralded the firm’s latest contract win as a “game changer” for its North American operations.