How Equinor Manages Norway’s Diverse Energy Landscape
As one of the leading suppliers of energy to Europe and the largest oil and gas operator on the Norwegian Continental Shelf (NCS), Equinor is focusing on responsible exploration, production and development of oil and gas resources, as well as renewable energy solutions.
Norway’s highest ranking energy company on the 2024 Forbes Global 2000 — and highest ranking company overall — Equinor is positioning itself as a leading player in the global energy landscape and is putting Norway as an energy nation at the centre of its mission.
Equinor: A champion for Norway’s energy capabilities
As a way of championing Norway’s energy prowess, Equinor has pioneered Norway Energy Hub, an industrial plan for Norway’s future energy industry.
This initiative works to place Norway centre stage and as a major player in accelerating the energy transition through NOK350bn (US$31.8bn) worth of private-sector investments alongside NOK100bn (US$9.1bn) worth of investments from Equinor itself.
“Equinor aims to be a leading player in the energy transition. This also means that we will shoulder our share of the responsibility for making Norway, as an energy nation, a hub for the rest of Europe.
Norway Energy Hub is an initiative from Equinor, with a clear encouragement to cooperate in combating climate change and ensuring value creation in the energy transition. The opportunity to act is now.”
- Decarbonise oil & gas
- Industrialise offshore wind
- Provide commercial CCS
- Deliver hydrogen on an industrial scale
As Norway’s most valuable company in what is an exciting and turbulent landscape, Equinor provides a comprehensive approach to addressing climate change, securing energy supply and driving economic growth through innovative and sustainable energy solutions via the Norway Energy Hub.
As part of the Norway Energy Hub, Equinor puts forward an industrial plan for the future of Norway as an energy nation.
“We want Norway to retain its position as an important and stable exporter of energy to Europe,” Equinor said. “Together with partners, we are investing NOK50bn (US$4.5bn) in emissions reductions on the NCS, developing offshore wind, CCS and early phase hydrogen projects. Now we’re raising the bar with a further ~NOK100bn (US$9.1bn) in investments.
How Equinor is pioneering offshore wind
In 2022, the electrical energy produced by Norway's 65 active wind farms — including one offshore farm — was 14.8TWh, according to the International Energy Agency (IEA).
Building on Norway’s pursuit of increasing its renewable energy power production by at least 40TWh by 2030, Equinor is building itself up to become a global offshore wind energy major by leveraging its five decades of ocean engineering and project management expertise, as well as its in-depth knowledge of the energy markets, skilled personnel and a network of competent partners and suppliers.
The world’s largest offshore wind farm, for example, is under construction off the UK coast. Dogger Bank is being built in three 1.2GW phases and, once fully complete in early 2027, it will be capable of powering the equivalent of up to 6 million homes annually.
It is being developed by Forewind, a consortium made up of SSE, RWE and Statkraft alongside Equinor. Equinor will operate the £9bn (US$11.6bn) wind farm over its lifetime, which is expected to be up to 35 years.
“Dogger Bank has opened up new horizons for how large an offshore wind farm can be,” Alex Grant, UK Country Manager at Equinor said. “Dogger Bank is a huge step forward in both our ambitions to become a global offshore wind major and increase our renewables capacity to 12-16GW by 2030.”
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