Equinor is cutting renewable investment by half over two years while boosting oil and gas output.CEO Anders Opedal cited slow energy transition, rising costs, and hesitant customers.
He remains confident in the Rosebank oil field despite a court ruling.Opedal also warned of potential gas price hikes next winter due to lower European storage levels.Equinor is cutting renewable investments to $5bn over two years, down from $10bn, citing low future profitability.
It is also dropping its 2030 target to allocate half its budget to renewables, instead increasing oil and gas production by 10%.The Rosebank oil field, holding an estimated 500 million barrels, faces legal hurdles after a Scottish court ruled its approval unlawful due to incomplete environmental assessments.
Despite opposition from UK officials, CEO Anders Opedal insists the project benefits the UK economy and local jobs.Climate activists and the oil industry both claimed partial victory, as while Rosebank’s consent was revoked, preparatory work continues.
The UK government plans to revise environmental guidelines based on public consultation.Tessa Khan from Uplift, which challenged Rosebank’s approval with Greenpeace, said Equinor was oversimplifying the process. She argued strong public interest concerns remain and that new oil and gas fields won’t lower UK bills or improve energy security like renewables.Equinor joins Shell and BP in cutting renewable investments.
CEO Anders Opedal welcomed Trump’s pro-drilling stance but said prices, not politics, drive production.
He admitted increased drilling now could complicate Equinor’s 2050 net-zero goal.Opedal also warned that lower European gas storage and rising Chinese demand could push prices higher next year.
