The Norwegian company’s investment strategy increasingly prioritizes the oil and gas sector and redistribution to shareholders.

• Over the past 3 years, US$1.2 billion were invested annually in oil and gas exploration.
• In 2024, US$13.3 billion were invested in oil and gas exploration and production, and US$14.6 billion were distributed to shareholders, compared with just US$2.2 billion invested in its renewables.
• Up to 2027, Equinor plans to allocate approximately 38% of its investments to renewables and ”low carbon” activities. This is a significant rollback from its previous plan, which targeted to allocate 50% of its gross investments in “low carbon” activities by 2030.

Equinor has made no commitment to stop developing new oil and gas projects. The company is the 17th largest upstream developer worldwide and the 44thth largest LNG export terminal developer.

Equinor went back on its commitment to reduce its oil and gas production to 2 million barrels of oil equivalent per day by 2030, and now plans 2.2 million per day in 2030, 10% higher than previously targeted. With the company’s current expansion strategy, its 2030 fossil fuels production will be 80% above the NZE.

LNG is one component of Equinor’s gas-oriented fossil expansion strategy. While Equinor does not own any export terminal yet, the company plans to develop one new export terminal by 2030. Equinor’s net liquefaction capacity will then increase to 5.2 Mtpa by 2030, that will overshoot the NZE.

The company’s business model will be based on oil and gas extraction and LNG in the coming years. Diversification in other energies will keep representing a minority share of its future production and will sometimes involve activities that are harmful to the environment.

A central part of Equinor’s power strategy relies on gas power. Equinor is planning a new gas power unit, that will represent more than 50% increase in Equinor’s gross gas power capacity.

Equinor came back on its commitment to reach 12 to 16 GW of installed capacity by 2030 and abandoned its 2030 net renewable generation target. Now, Equinor is only targeting 10 to 12 GW of installed or under development net capacity and has not set any updated renewable production target. Assuming Equinor will meet its targets, its energy production from renewables will be 20.9 times lower than its energy production from oil and gas in 2030.

With its current strategy, Equinor will remain one of the key oil and gas players. Indeed, in 2030, Equinor’s oil and gas extraction will represent 1.6% of the global hydrocarbon production projected in the NZE, whereas the company will only represent 0.1% of the worldwide renewable power production.