Founded in 1972 as the Norwegian state oil company, Equinor is an international energy company with 21,000 employees that all share a common purpose: turning natural resources – oil, gas, wind and sunshine – into energy for people and progress for society. It is the largest oil and gas operator in Norway, a leading international offshore operator and a growing force in renewables.
Equinor is committed to being a leader in the energy transition and has recently strengthened its climate ambitions, aiming to reach net zero by 2050. It is already an industry leader in carbon-efficient oil and gas production through a strong focus on energy efficiency, electrification and digitalisation. This is driven by a belief that the world needs affordable energy with lower emissions, and that there are attractive business opportunities in the transition to a low carbon economy.
Equinor is developing as a broad energy company to ensure competitiveness, create value for shareholders, and drive change towards a low carbon future. It is leveraging the strong synergies between oil, gas, renewables, carbon capture, utilisation and storage and hydrogen.
In oil and gas, Equinor continues its efforts to ensure competitiveness in a low-carbon future. With its significant producing assets in Norway, the United States and Algeria, its natural gas supplies have helped both Europe (where it is the second largest supplier) and the United States to achieve significant emissions reductions by switching away from coal to gas.
In renewables, Equinor expects to grow its portfolio around 30-fold by 2035, becoming a global offshore wind major by capitalising on the unparalleled insights and experience it has gathered from its decades of offshore operating experience.
Equinor is also a world leader in CO2 storage and utilization, with more than 23 million tonnes of CO2 captured and stored to date. Earlier in 2020, Equinor decided to invest in the Northern Lights offshore carbon storage project which will enable Norwegian and European industries to permanently store their captured emissions. Its first phase is expected to come online in 2024.
Equinor believes hydrogen will be a key contributor to low carbon energy: it can provide electricity and heat, be used in transport, and store energy from renewables. Equinor is maturing opportunities to convert natural gas to clean hydrogen and using carbon capture and storage. Success could help ensure the role of gas in a low carbon future. One of its largest projects is H2H Saltend in the UK which, once online in the mid-2020s, will form part of the world’s first net zero industrial cluster.
Equinor is determined to lead in the energy transition. And, by partnering with other companies with similar ambitions and sharing experience and expertise, it is well placed to do so.
