Equinor has unveiled new targets to reduce emissions from its operated offshore fields and onshore plants in Norway by 40% by 2030, 70% by 2040 and to near zero by 2050.
By 2030 this implies annual cuts of more than 5 million tonnes, corresponding to around 10% of Norway’s total carbon dioxide emissions.
The firm plans to invest £4.3 billion together with its partners by 2030 to cut emissions in order to strengthen the long-term competitiveness for our fields and plants.
Total emissions for Equinor operated fields and plants in 2018 were around 13 million tonnes, about the same level as in 2005.
The 2030 target will be realised through large scale industrial measures, including energy efficiency, digitalisation and the launch of several electrification projects at key fields and plants, including the Troll and Oseberg offshore fields and the Hammerfest LNG plant.
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 the defined projects ahead of us, 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.
Equinor chief executive Eldar Saetre said: “Equinor supports the Paris agreement and a net zero target for society. We have already brought CO2-emissions in the production process down to industry leading levels.
“We are now launching an unprecedented set of ambitions for forceful industrial action and substantial absolute emission reductions in Norway, aiming towards near zero in 2050.
“This is in line with society’s climate targets and our strategy to create high value with low emissions.”
He added: “While realising these ambitions, we also expect our operated fields and plants to create significant value with a potential to generate more than 3.000 billion 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.
“The new climate ambitions will strengthen future competitiveness and value creation for Equinor, while supporting industrial developments in Norway.”