Equinor plans to expand its wind farm acquisition and will continue to leverage its position in offshore wind, the company says in a November 2 press release.
Offshore oil and gas industry major Equinor, says it has made significant strides in wind power in recent years, will establish renewables as a separate reporting segment from the first quarter of 2021, the company said on 2 November, when it announced its net zero plans for 2050.
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“Equinor has demonstrated for years the ability to meet climate ambitions and has a strong track record of reducing emissions from the offshore oil and gas industry. We are now ready to further strengthen our climate ambitions, with the aim of reaching net zero by 2050,” said Anders Opedal, who took over as CEO and Chairman of Equinor on 2 November.
Equinor expects to add further to the offshore oil and gas and wind energy industry
In the offshore industry, Equinor expects to deliver average annual production growth of around three percent from 2019 to 2026, with the company bracing 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 driving Equinor's decisions. In the long term, Equinor expects to produce less oil and gas than it does today,” the company said.
When it comes to wind power, Equinor said this will be a significant growth area as it develops into a broad energy company, with previously defined ambitions of profitable growth within renewables and expected production capacity of 4-6 GW by 2026 and 12-16 GW by 2035.
Company revealed plans to acquire additional renewable energy acreage, adding it would continue to leverage its leadership position in offshore wind energy
The company further added that it assumes a well-functioning market for carbon capture and storage (CCS) and natural sinks, as well as the development of a hydrogen market. Furthermore, the company assumes that an ever-increasing share of the offshore oil and gas industry will be used for petrochemicals by 2050.
Looking at net-zero plans, Equinor said success would depend on society approaching zero by 2050. In offshore wind, Equinor has made headlines several times earlier this year alone.
Construction on Hywind Tampen, the world's largest floating wind farm and the first to power oil and gas facilities, began in early October in Norway.
