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Equinor chief gets 14% pay boost

Equinor new ceo
Eldar Saetre

Equinor chief executive Eldar Saetre took home a total of £1.5m in overall pay last year.

The boss of the Norwegian energy firm received a 14% increase to his pay package, including fixed salary, holiday allowance and long-term incentive payments.

Mr Saetre holds 65,294 shares in Equinor and his pension is estimated to be valued at £11.5m.

As part of his contract with Equinor, Mr Saetre is entitled to a pension amounting to 66% of pensionable salary and early retirement.

The package pales in comparison to Shell CEO Ben van Beurden, who it was revealed yesterday took home nearly £18m in pay last year.

In its annual report, Equinor said it had reached record production of 2.1million barrels of oil equivalent per day in 2018.

The operator expects to spend £1.2billion in exploration this year, including on a campaign in the UK.

Last year the firm bought a 40% operated stake in the Rosebank project from Chevron, considered the largest untapped discovery in UK waters.

Mr Saetre said: “We are in a strong position today. We have strengthened our competitiveness, improved our project portfolio and have a clear strategy for further development of our company. We have positioned ourselves for long-term shareholder value creation and to be competitive in a low-carbon future.

“Our results confirm that we are on track with our ambitions to increase returns, grow production and bring cash flow to high levels in the years to come.”

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