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Equinor Reduces Green Energy Investments By Half, Cuts € 4 Billion And Increases Oil And Gas Production By 10%, Prioritizing Profitability In The North Sea.
The transition to a more sustainable energy model is not going as expected — and the cost is weighing heavily on the budget. In this scenario, Equinor, one of the energy giants in Norway, decided to change the game: it cut € 4 billion in renewable investments and opted to double down on oil and gas.
The decision took many by surprise, as the company had been heavily investing in clean energy. However, according to CEO Anders Opedal, this transition is costing more than anticipated and is not yielding the expected financial returns. Moreover, customers are also unwilling to enter into long-term contracts. The result? Oil remains Equinor’s safe haven.
Change Of Course
Those following the energy market have noticed that large companies are hitting the brakes when it comes to sustainability. And Equinor made that very clear.
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Opedal explained that the growth of renewables is taking longer than expected, and, worse, costs are rising without a guarantee of reasonable returns. So, to avoid losses, the company is halving its investments in clean energy and reallocating funds to oil.
And there’s more: the goal of spending 50% of the budget on sustainable projects by 2030 has also been shelved. The focus now is elsewhere.
Cut Of € 4 Billion And Back To Oil
If Equinor previously intended to invest € 8 billion in renewable energy, now that figure has dropped to € 4 billion over the next two years. The math is simple: the company does not see enough profitability to maintain the pace.
Meanwhile, investments in oil and gas continue to grow. In the coming years, production is expected to increase by 10%, indicating that Equinor is not at all willing to give up fossil fuels anytime soon.
Rosebank: The New Golden Well Of Equinor
One of Equinor’s major assets in this course change is the Rosebank field, in the North Sea. The project, although controversial, should advance even after a court decision questioning the legality of the exploration.
According to Opedal, the company’s logic is straightforward: it is better to produce oil and gas in Europe than to depend on imports from other countries. This would ensure more energy security and less vulnerability to external crises.
A não ser os ecochatos tipo Al Gore ou Greta, e os **** que acreditam neles, ninguém está preocupado com “energia limpa”, o que todos querem é GRANA, além do mais em um mundo onde o petróleo ia acabar e que a cada dia descobrem-se reservas gigantescas.
❤️Aqui você pode tirar a roupa da garota e vê-la nua) Confira ➤ Ja.cat/gosea