Equinor scelling backward renewable energy sources pushed 7 years after throwing out ‘oil’ out of his name
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The Norwegian state energy group that lowered the oil with the name as part of pushing into renewable energy sources turns back to fossil fuels in the refund of shareholders.
EqualRealized from Statoil in 2018, he said on Wednesday that he plans to increase the production of fossil fuels and halve renewable sources consumption, and the Anders Opedal CEO said he aimed to “create the value of shareholders for decades.”
According to its new goals, the company plans to produce 2.2 million barrels of oil equivalent per day by 2030, 10 percent more than previous expectations.
He lowered his goal for renewable capacity to 10GW-12GW from a previous goal of 12GW-16GW. Investing in renewable sources and other low carbon technology technology between 2025 and 2027. It will be reduced to $ 5 billion, which is earlier with about $ 10 billion, excluding the project funding.
“Equinor is well positioned for further growth and competitive shareholder return,” Opedal said, as the company published its results for 2024.
The group is now expecting a stronger free cash flow, which would be achieved with a “high degree of portfolio, reducing the prospect of investment for renewable sources and low carbon solutions and improveing costs in our organization,” he added.
Opedal said that the total strategic direction of the company had not changed and that it still aimed at reaching the “Net zero” show by 2050.
“We still reduce shows from our production and build profitable business in renewable sources and low carcass solutions,” he said. “By adjusting [the] The market situation and possibilities, we are ready to create the value of the shareholders for the decades that come. “
Equinor -O’s move comes after shell -ai bp -a diluted plans for diversification Far from fossil fuels under the pressure of a shareholder to continue offering oils and gas.
Analysts expect BP to fall or increase their goal for renewable sources by 2030 on the day of the investor this month.
Vitol, the world’s largest independent energy merchant, said this week that the global demand for oil would not fall at least 2040.While US President Donald Trump has committed “drilling, child, drilling” last month to exploit oil resources in the country.
Equinor announcement comes after she said in October she was buying a close to 10 percent of the stake In the world’s largest wind programmer at sea Ørsted.
This move will bring Equinor closer to the goals of renewable sources for less money than it would cost to develop the capacity from scratch.
