Equinor is reducing its renewables installed capacity target to 10-12 gigawatts (GW) by 2030 but maintaining CO2 storage targets of 30-50 million tonnes per year by 2035.
Seeking to match ‘ambitions to realities’, the plan to allocate 50% of gross capital expenditures to renewables and low carbon solutions by 2030 has been scrapped, though it still intends to cut scope 1 and 2 emissions by 50% by the same date.
“Adjusting to the market situation and opportunity set, the range for the net carbon intensity (NCI) ambition will be 15-20% in 2030 and 30-40% in 2035,” it stated in a report, accompanying news that group post-tax Q4 operating income rose to $2.29bn, up from $1.83bn a year earlier.
Equinor has been awarded more than 60 mtpa in CO2 storage licences. Oil and gas production is expected to grow 4% in 2025, supported by capex expenditure of $13bn.
Minimum marketable product was driven by strong LNG and gas trading and optimisation.
In December, Fugro began a ground investigation for Equinor’s proposed 1,000-kilometre CO2 pipeline, which aims to transport CO2 from hubs in mainland Europe to storage sites on the Norwegian continental shelf.
Read more: Fugro supports Equinor’s CO2 pipeline with ground investigation
Equinor UK and Shell UK are combining their UK offshore oil and gas assets under a new 50:50 joint venture company.
With the once prolific North Sea basin now maturing and production declining, the combination of portfolios and expertise will allow continued economic recovery of resources via a more ‘agile and cost competitive’ company. Completion of the transaction is expected by the end of 2025.
Read more: Shell and Equinor form largest UK independent oil and gas company
Equinor and Shell, together with TotalEnergies, recently completed CO2 receiving and storage facilities at the Northern Lights joint venture in Øygarden, Norway.
Billed as the world’s first commercial CO2 transport and storage project, it is now ready to receive CO2 from European industries, with first injection expected in 2025.
Read more: Northern Lights CO2 storage facility launches in Norway
Costain, bp and Equinor have received confirmation to proceed to the execution phase for two East Coast Cluster projects on Teesside. Construction is expected to commence from mid-2025, with start-up targeted for 2028.
Read more: UK East Coast Cluster CCS projects receive go ahead
