Oil and gas major Equinor pledges ‘net-zero’ by mid-century

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
An Equinor plant. Source: Bo B. Randulff & Even Kleppa

Norway's state-backed oil major Equinor has joined Spain's Repsol in pledging to achieve ‘net zero’ greenhouse gas emissions at operations by mid-century.

The company has said it will spend NOK 50 billion (US$5.7 billion) over the next ten years to reduce carbon dioxide and methane emissions at its onshore plants and offshore fields.

It is eyeing a 40% reduction on 2005 emissions levels by 2030 and 70% by 2040 – a more dramatic ramp-up in the short-term than Repsol, which has pledged 20% and 40% respectively.

Equinor, which rebranded itself from Statoil in 2018, is 67% owned by the Norwegian government and is the largest oil and gas exploration company in Scandinavia. Its solar interests fall predominantly into its stake in compatriot solar developer Scatec Solar which enjoyed prolific growth in 2019. 

Equinor increased its stake in Scatec Solar in late December 2019, acquiring an additional 6.5 million shares to take its total holding to 15.2%. The US$78.5 million transaction valued Scatec Solar at around US$1.5 billion.

The initial, 2030 milestone will through “large-scale industrial measures,” including energy efficiency, digitalisation and new electrification projects, according to the company.

It said the later targets will require more resource and electrification, ‘consolidation of infrastructure’ and new business streams.

Equinor said it is exploring offshore wind, carbon capture and storage and hydrogen production from natural gas. It estimates that by 2050, its oil and gas production business will have halved in size.

Spanish oil and gas giant Repsol claimed it was the first oil major to pledge a ‘net-zero’ ambition when it unveiled its emissions-slashing plan at the Madrid COP25 climate talks held in December.

Royal Dutch Shell and Total SA have set less ambitious emissions targets. The former has committed to ‘reducing the net carbon footprint of its energy products by around half in 2050, and by around 20% in 2035’ and the latter to reduce emissions from 46Mt in 2015 to 40Mt in 2025.

Read Next

May 4, 2022
Oil and gas company Galp is acquiring a portfolio of under development solar plants in Brazil with a combined capacity of up to 4.6GWp.
March 15, 2022
Spanish oil and gas major Repsol and telecommunications firm Telefonica have formed a joint venture (JV) to provide solar installs and energy services across different target markets in Spain.
February 11, 2022
Norwegian renewables company Scatec is to build a 532MW solar PV project in the Brazilian state of Rio Grande do Norte through a US$320 million investment following agreement from state authorities.
January 27, 2022
Hecate Energy’s first stage application for a 500MW solar PV plant in the state of New York has been accepted by the newly formed New York State Office of Renewable Energy Siting (ORES).
October 6, 2021
Spanish oil and gas major Repsol has increased its 2030 renewables target to 20GW, the bulk of which is expected to be solar PV, as part of efforts to reach net zero emissions by 2050.
September 22, 2021
Oil and gas major Shell has launched the Shell Energy brand in Brazil and has committed to investing R$3 billion (US$570 million) in renewables in the country by the end of 2025

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas