Thu, 06 Feb 2025

Thu, 06 Feb 2025 Norwegian oil giant cuts green investment in half

Equinor will slash investment in renewable energy while ramping up oil and gas production.

* Norwegian energy giant Equinor is reducing its investment in renewable energy by $5 billion over the next two years, down from $10 billion.
* The company will instead focus on increasing oil and gas production by 10% over the same period.
* Equinor's CEO, Anders Opedal, attributed the decision to a slower-than-expected transition to lower-carbon energy, increased costs, and customers' reluctance to commit to long-term contracts.
* Despite a recent court ruling that consent for its Rosebank oil field project was granted unlawfully, Opedal is confident that the project will go ahead.
* He also warned that gas prices could rise next winter due to low European gas storage levels and increased demand from China.
* Equinor's decision follows similar moves by other energy companies such as Shell and BP to reduce investment in renewables.
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