Equinor scales back renewables push 7 years after ditching ‘oil’ from its name

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The name from the Norwegian state-backed power group as part of pushing on renewable is the fossil fuel in search of shareholders’ return.

EquinorWednesday was named from the statue, saying on Wednesday that it was planning to increase the production of fossil fuels and to spend half for the renewant, the CEO, Anders Opedal said it was aimed at creating a shareholder price for decades.

Under its new target, the company plans to produce 2.2MN barrel oil one -day a day by 2030, 10 percent higher than the previous expectation.

It has dropped its target at 10GW-12GW for a renewable capacity from the previous target of 12GW-146GW. The renewable and other lower-carbon technology between 2025 and 2027 will be cut from about $ 10 billion to $ 5 billion, excluding investment projects in other lower-carbon technology.

“Equinor is well-formed for the return of more growth and competitive shareholders,” the company said Opadal, released its results for 2021.

He now added that he is expecting a more powerful free cash flow, which will be earned “by high-grading of portfolio, renewing and improving the investment out of investment for short-carbon solutions and improving cost across our company”.

Opadal said that the overall strategic direction of the company did not change and it still aims to reach the “net zero” emission by 2050.

“We continue to reduce emissions from our production and build profitable business in renewable and short-carbon solutions,” he said. By “adaptation [the] Market situations and opportunities, we are ready to create the shareholder price for decades. “

Equinor’s step comes after shell and bp Mixed plans are varied Shareholders are away from fossil fuel to supply oil-o-gas-level return.

Analysts are hoping that BP will reduce or scale its targets for investors in investors this month by 2030.

The world’s largest independent power trader Vitle said this week that the global demand for oil Will not fall up to at least 2040US President Donald Trump promised to “drill, baby, drill” last month to exploit the country’s oil resources.

Equinor’s announcement said in October that it bought a Around 10 percent of shares At the world’s largest offshore air developer at RSTED.

This step will bring the Equinor closer to its renewable target to develop the ability to spend less money for less than money for less money.