Norway’s Equinor has become the latest energy company to stem its green growth plans as the backlash against renewables continues. The company said on Wednesday it is reducing its ambition for installed capacity by 20 percent at the low end and 33 percent at the high end, from 12-16 gigawatts …
Read More »Equinor Cuts Renewable Energy Investments and Targets
Equinor is reducing its investments in renewables to boost returns for shareholders and adapt to an uneven energy transition, the Norwegian energy major said on Wednesday, becoming the latest European oil and gas firm to scale back capital allocation to low-carbon energy solutions. Equinor will nearly halve its investments in …
Read More »Norway Awards 53 Offshore Oil & Gas Drilling Permits in Arctic Push
On Tuesday, Norway awarded stakes in 53 offshore oil and gas exploration licenses to 20 companies in its latest annual licensing round, with Energy Minister Terje Aasland revealing plans for increased drilling in its offshore Arctic region. “If we are to uphold a stable production in the years to come, …
Read More »Norway’s Troll Gas Field Sets Production Record in 2024
The Troll gas field in the North Sea has achieved a historic production milestone by delivering 42.5 billion standard cubic metres (bscm) of natural gas in 2024. This figure represents the highest annual production ever for the field and marks an increase of nearly 10% from the previous record of …
Read More »Norway Doubles down on Oil and Gas
After hitting record highs this year, Norway’s oil and gas investment is expected to grow even higher in 2025. Greater development activity on new projects and the cost of inflation have contributed heavily to the increase in Norway’s oil and gas investment in 2024. Norway’s oil and gas investment is …
Read More »Norway Moves to Take Control over Natural Gas Export Network
The Norwegian government has agreed to buy from private companies the majority of the natural gas export network of Western Europe’s biggest oil and gas producer, the Energy Ministry said on Tuesday. The government laid out plans in 2023 to take full ownership of the gas export network, which it …
Read More »Norway’s Oil Giant Sverdrup Set to Peak in 2025
Norway’s largest oilfield, Johan Sverdrup, is expected to come off its production peak by early 2025, according to operator Equinor. The field, a cornerstone of Norway’s oil output since it started production in 2019, hit a record daily production of over 756,000 barrels in September. This represents about 6-7% of …
Read More »Shell Abandons Norway’s Hydrogen Projects due to Lack of Demand
Shell Plc has ditched plans to build a low-carbon hydrogen plant on Norway’s west coast due to a lack of demand, Reuters reported on Monday. “We haven’t seen the market for blue hydrogen materialize and decided not to progress the project,” a Shell spokesperson has told Reuters. Shell’s announcement comes …
Read More »Europe’s Gas Supply Tightens as Norway Begins Field Maintenance
Europe is facing a tighter gas market as Norwegian field operators enter scheduled maintenance season. Any unplanned extension of the maintenance period would cause an imbalance on gas markets on the continent and leas to price rises, Bloomberg reported. “Europe is already struggling,” Florence Schmit, a European energy strategist at …
Read More »Equinor Shuts down North Sea Platform
Norway’s Equinor has shut down its Gullfaks C platform in the North Sea following a well control problem that also prompted the evacuation of some workers, Reuters has reported, citing a company spokesman. The spokesman added that production from the field was stable. Even so, the Norwegian gas system operator …
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