BAKU, Azerbaijan, Nov.3
By Leman Zeynalova – Trend:
Norway’s Equinor expects to deliver an average annual oil and gas production growth of around 3 percent from 2019 to 2026, Trend reports citing the company.
“Equinor is well positioned with world-class global assets in attractive areas with substantial value creation potential. By optimizing its portfolio through financial discipline and prioritization, Equinor will continue to develop competitive and resilient projects whilst maintaining industry-leading recovery rates, unit costs and carbon efficiency. The net-zero ambition will strengthen future competitiveness and value creation at the Norwegian continental shelf (NCS). Equinor’s plans for production, development and exploration at the NCS remain firm.
“Equinor is preparing for an expected gradual decline in global demand for oil and gas from around 2030 onwards. Value creation, not volume replacement, is and will be guiding Equinor’s decisions. In the longer term, Equinor expects to produce less oil and gas than today.
“To develop Equinor as a broad energy company, renewables will be a significant growth area. Equinor has previously set ambitions for profitable growth within renewables and expects a production capacity of 4-6 Gigawatts (GW) by 2026 and 12-16 GW by 2035. Equinor now plans to expand its acquisition of wind acreage, with the aim of accelerating profitable growth and will continue to leverage its leading position in offshore wind. Equinor will establish renewables as a separate reporting segment from first quarter 2021,” the company said.
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