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January 6, 2020

Equinor aims near zero greenhouse gas emissions in Norway by 2050

Norwegian oil producer Equinor has announced plans to cut greenhouse gas emissions generated at offshore fields and onshore plants in Norway.

By Himaja Ganta

Norwegian oil producer Equinor has announced plans to cut greenhouse gas emissions generated at offshore fields and onshore plants in Norway.

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The company aims to reduce emissions by about 40% by 2030, 70% by 2040 and to near zero by 2050.

To aid them with these new environmental goals, Equinor is seeking opportunities within offshore wind, carbon capture and storage, as well as green hydrogen.

According to the company, this substantial cut in emissions in Norway will align Equinor’s business with the 2015 Paris Agreement to slash domestic emissions.

Equinor CEO Eldar Sætre said: “We are now launching an unprecedented set of ambitions for forceful industrial action and substantial absolute emission reductions in Norway, aiming towards near zero in 2050. This is in line with society’s climate targets and our strategy to create high value with low emissions.”

Equinor and its partners plan to invest around NOK50bn (approximately $5.7bn) by 2030 to cut emissions and strengthen the long-term competitiveness of the company’s fields and plants.

Under its greenhouse gas emissions reduction plan, the company plans to cut more than 5 million tonnes (Mt), which constitutes around 10% of Norway’s total CO2 emissions.

The fields and plants that the company operated in 2018 emitted around 13Mt, which is about the same level as in 2005.

Sætre further added: “While realising these ambitions, we also expect our operated fields and plants to create significant value with a potential to generate more than 3.000 billion Norwegian kroner in income for the Norwegian State towards 2030.

“Collaboration is key to combat climate change. We appreciate the close cooperation with our industry partners and suppliers, and to realise these ambitions we need even closer collaboration across industries and with authorities.”

A 40% reduction by 2030 will be realised through large scale industrial measures, such as energy efficiency and digitalisation. The company also plans to introduce electrification projects at major fields, including the Troll and Oseberg offshore fields, as well as the Hammerfest LNG plant.

In order to achieve further cuts towards 70% by 2040 and close to zero by 2050, the company will need to undertake additional measures, such as projects electrification, infrastructure consolidation and the development of new technologies and value chains.

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Free Report
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How are oil and gas companies strategizing in response to the electric vehicle market?

Electric mobility is a crucial element of the successful energy transition. Electric vehicles (EVs) are expected to account for over one-third of the new car sales worldwide by 2031, and so oil and gas companies are reacting with heavy investments across the EV value chain. Such investments are being made in a bid to remain relevant within this exciting segment.  GlobalData’s free report, Oil & Gas Sector Strategies in Electric Vehicles, reveals that transportation accounts for almost half of the petroleum products demand. However, the wider adoption of electric vehicles could slow the pace of petroleum products demand in the future.   Our report includes:  
  • Petroleum products demand forecast till 2026 by sector 
  • Potential targeted areas for oil & gas companies to enter the EV value chain 
  • EV strategies of oil & gas companies across major regions in the world 
Use this report to help navigate a new frontier for the oil & gas industry.  
by GlobalData
Enter your details here to receive your free Report.

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