Equinor to invest half of capex on renewable energies by 2030

Equinor expects to invest half of its capital expenditure on renewable energy sources by 2030, as the Norwegian operator seeks to optimise its oil and gas portfolio and pursue opportunities in low-carbon solutions.

In order to reach that ambitious goal, Equinor senior vice president of international strategy and commercial development, Gustavo Baquero, said the company has reduced from 30 to 13 the number of countries where it is actively developing hydrocarbons projects.

“We will have a focused and resilient international oil and gas business in countries where we can have competitive advantage and achieve high value and robustness,” Baquero told an audience at the ONS 2022 conference in Stavanger, Norway.

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