Accessibility Links

Equinor sets target of near-zero emissions by 2050

07/01/2020
Like  

Follow

Multinational energy company Equinor has launched their new climate ambitions to reduce the absolute greenhouse gas emissions from both its operated offshore fields and onshore plants in Norway by 40% by 2030, 70% by 2040 and to near zero by 2050.


(Image via Equinor)

By 2030 this implies annual cuts of more than 5 million tons, corresponding to around 10% of Norway’s total CO₂ emissions.
Eldar Sætre, CEO of Equinor, said;

“We expect to create significant value with a potential to generate more than 3 trillion Norwegian kroner in income for the Norwegian State towards 2030. New fields, field life extensions, improved oil and gas recovery and efficient operations will all contribute to substantial value creation.”

By 2030, there should be more than 5 million tons in annual reductions - representing around 10% of total annual Norwegian greenhouse gas emissions today. 

A 40% reduction by 2030 will be realized through large scale industrial measures, including energy efficiency, digitalization and the launch of several electrification projects at key fields and plants, including the Troll and Oseberg offshore fields and the Hammerfest LNG plant.

The 2030 ambition will require investments of around NOK 50 billion for Equinor and its partners. Subject to positive investment decisions in the licenses, these investments will have neutral to positive net present value, in addition to strengthening future competitiveness.

Further reduction ambitions towards 70% in 2040 and close to zero in 2050 will entail additional measures, further electrification projects, consolidation of infrastructure as well as opportunities to develop new technologies and value chains.

In 2050, Equinor expects Norwegian oil and gas production to be less than half of current levels, assuming development of defined projects and substantial efforts to increase production from existing fields and continued exploration.

Equinor aims to utilize its capabilities within innovation, technology and large-scale industrial solutions to develop new competitive value chains. Currently Equinor is pursuing and maturing opportunities within offshore wind, carbon capture and storage and emissions-free hydrogen based on natural gas.

The ambitions will support the development of new value chains within hydrogen and carbon capture and storage and help ensure that the Norwegian continental shelf and onshore plants can play an important role and create value in a world with net zero emissions.

Setting ambitions for substantial cuts in emissions in Norway is an important step in aligning Equinor’s business with the Paris Agreement.

Work on upcoming Oil & Gas Projects

Register for free with Fircroft to secure your next engineering job today!

Add new comment
*
*
*
By commenting on this blog you're agreeing to our terms of use

Comments left should relate to the subject of the above blog. Unfortunately job applications cannot be accepted here.

For job enquiries and applications please use our job search and for technical or account queries please contact us.
Equinor sets target of near-zero emissions by 2050 - Time to read 3 min
Share this article
Like  

Follow

Back to Top

By clicking "Save" you consent to
receiving matching jobs based on the
job/page you are viewing by email from
Fircroft, as detailed in our privacy policy
Fircroft would like to keep you up to date with our current vacancies and latest company updates via email. Occasionally Fircrofts marketing may contain 3rd party or affiliate information, however we will not share your personal data with any 3rd parties without your consent. From time to time, we might contact you to get your views on the service you have received. To help you get the best out of Fircroft, we may personalise them based on your location and how you use fircroft.com
Fircroft would like to keep you up to date with the latest company updates and vacancies via SMS / Text messages
Your consent options above means that Fircroft cannot contact you about any new or alternative career vacancies. If you want Fircroft to only contact you about the role(s) you have applied for please continue, however if you would like to be considered for other positions please allow us to contact you by changing one or more of the above consent.