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Our strategy

Always safe, High value, Low carbon will continue to guide our business

By 2030, we aim to be a leading provider of renewable energy and low-carbon solutions, alongside our continued optimised oil and gas portfolio. We aim to continue being Norway’s energy major and emerge as a leading energy player in select international markets.

Our strategy

Climate change is the greatest challenge of our time. The world's energy systems are in rapid transition to meet the challenge. The journey towards net zero creates new industry opportunities, and Equinor is ready to seize these opportunities.

50 percent

Reduction of operated emissions by 2030

50 percent

Gross capex investments to transition by 2030

40 percent

Reduction in net carbon intensity by 2035

Our strategic beliefs

As Equinor transforms, we work towards striking the right balance between supporting our core, generating cash flow to enable the energy transition, growing business in new energy areas, and continuing as an attractive investment for our shareholders.

Creating value through the energy transition

Net-zero ambition gives new industry opportunities

Technology excellence and innovation define winners

Market dynamics set margins under pressure

Our strategic pillars stand firm

Always safe, High value, and Low carbon will continue to guide our business.

Always Safe
Safety is our top priority and the core of our licence to operate. To us, this means safety for our people, the environment and the societies in which we operate. We work hard to reduce risk and avoid incidents and injuries, both among our own employees and those of our suppliers. We shall respect human rights and support diversity, equality and inclusiveness in all our operations.

High value
Competitive performance and efficiency improvements will remain a priority. Our portfolio is resilient to low prices, has fast return on investments and world-class breakevens. We are growing cash flow from its international portfolio, making it more robust against lower prices. Through our leading positions in the offshore wind market and low-carbon solutions, we are building a pipeline of future projects within offshore and onshore renewables, CCS and hydrogen. We are utilising our trading and midstream capabilities to optimise the portfolio of commodities that we provide to our customers, together with new products and services from low-carbon solutions.

Low carbon
Our long-term ambition is to become a net zero company by 2050. This ambition is supported by our Energy transition plan and is backed by actions such as: Reducing emissions from our oil and gas operations, increasing renewables capacity, establishing value chains in CCS and hydrogen, increasing the share of non-combusted products from hydrocarbons, and using high-quality carbon sinks. In the longer term, a decline in oil and gas production will also drive reductions in net carbon intensity towards net zero in 2050.

Our purpose

Our purpose is to turn natural resources into energy for people and progress for society. The energy industry sits on the expertise and resources to help change energy systems over the next three decades. But expertise and resources are not enough. Leadership is needed.

Our investment plans clearly demonstrate our commitment to transform Equinor to be a leader in the energy transition.
By 2030, we expect to direct more than 50% of our gross investments towards renewables and low carbon solutions. By 2025, we expect this to be more than 30%. We aim to be a global offshore wind leader. With 12-16 gigawatts of installed renewables capacity by 2030, we are moving our existing ambition forward by five years. We also believe that we have what it takes to be the largest player in floating offshore wind.

Create value as an early mover and industry shaper
We aim to generate substantial cashflow from oil and gas over the next ten years. This cashflow will be used to add to our portfolio, drive the transition and create value for shareholders and society.

The Norwegian Continental Shelf (NCS) is expected to continue delivering resilience at low prices, short payback times, world-class break evens and production cost. Internationally, the oil and gas portfolio will contribute significantly to after-tax cashflow as high-value development projects come onstream from mid-2020s. Our growing offshore wind portfolio will also contribute to significant value creation.

Decarbonise and set a credible path to net zero by 2050
Climate change increasingly forms a basis for the decisions made by governments, societies, and companies.

We have already stated that we aim to be a net zero emissions company by 2050 and have committed to a clear plan to reduce our world-leading emissions from our operations.

We now aim to reduce our net carbon intensity by 20% in 2030 and by 40% in 2035. We will achieve this by continuing to reduce emissions from operations (already at 50% of the industry average), growing our renewable capacity, setting up value chains in CCS and hydrogen, and using high-quality carbon sinks.

How we will get there — together

With a highly skilled workforce, our values and a long history of technology and innovation, Equinor is in a unique position to become a leading company in the energy transition.

Everything we do starts with safe and secure operations. Each of us is responsible for safety as we carry out our daily work. We will continue to improve our safety performance. Taking care of people, the environment and operations is at the core of our license to operate. As a company we must be open about our improvement potential and share learning to further strengthen Equinor.

We are open, collaborative, courageous and caring. Our values are at the core of who we are, how we relate to each other and how we run our business. As always, how we deliver is just as important as what we deliver.

We are now set up to deliver on our strategy. We have the competence, the technical skills and the industrial muscle to make a difference, and we will develop the capabilities we need to accelerate our transformation.

Developing our business, we must continue to build a diverse and inclusive Equinor. As we enter new markets, we will need to attract people from a variety of backgrounds and be an attractive employer for a diverse workforce.

Strong partnerships with our suppliers and peers, with the industry, regulators and society has been vital for our development in the past and will be at the core of shaping a profitable business for the future.

Building on collaboration inside and outside Equinor will be key to our success.