Equinor: Accelerating the Energy Transition
February 24, 2023
Watch Time 3:50 MIN
We’re so excited to be here today and talk about a company we’re passionate about.
Reliable, sustainable source of natural gas, a first mover into offshore renewables and carbon solution technologies
In our view, there are very few companies better strategically positioned than Equinor to be a reliable, sustainable source of natural gas, while being a first mover into offshore renewables and carbon solution technologies.
Equinor, a Norwegian energy company previously known as Statoil, has long established itself as one of the most reliable and predictable global suppliers of natural gas while also driving profitability.
The company is Europe’s largest “domestic” supplier of natural gas, providing the continent with over 15% of its gas1, and continues to try to boost supply amid the urgency to replace Russian flows.
Equinor has accomplished this while producing energy with the lowest carbon intensity of any major hydrocarbon producer in the world.2
At the same time, Equinor is transforming itself to take center stage in accelerating the exciting world of the energy transition.
The company is a pioneer in offshore wind and has been operating the world’s first floating offshore wind farm since 2017. In late 2022, it started generating electricity from the largest floating wind farm in the world, Hywind Tampen.3
Equinor is now in the process of expanding this technological advantage into new high growth markets, like South Korea, Vietnam and the U.S. Beyond its expansion into offshore wind, Equinor is spearheading the development of carbon capture utilization and storage, or CCUS, projects globally.
The projects capture carbon emissions and transport them to be stored permanently underground. Equinor has been a leader in CCUS, operating multiple projects in Norway over the last 26 years.4 It continues to be at the frontier of CCUS developments with its new state of the art Northern Lights project.
The project will be the first open source transport and storage network in the world, capturing emissions from multiple power plants and factories across Europe and transporting them to be stored under the North Sea. The Northern Lights project is scheduled to be operational in 2024.5
The next step is the development of Equinor’s groundbreaking energy hub network that will integrate its oil and gas production, offshore wind energy and low-carbon solutions across borders.
The energy hub network will capture supply chain synergies, develop new and material markets and ultimately reshape the way the world addresses its energy needs.
Norway and the North Sea are its first stepping stones.
Stable, Renewable, Profitable, Energy provider
To conclude, Equinor is a stable renewable and profitable energy provider and we believe it has much to provide in the energy space now.
IMPORTANT DISCLOSURE
1 Bloomberg NEF, European Gas Supply Demand Balances; VanEck. As of September 2022.
2 Equinor. 2022 Energy Transition Plan. 2022.
3 Equinor. First power from Hywind Tampen. 2022.
4 Equinor. Carbon capture, utilisation and storage (CCS). 2022.
5 Equinor. Northern Lights. 2022.
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