What we do
Since 1972 we have been pushing the boundaries of imagination and technology, solving challenges in the oil and gas industry. That quest has taken us to greater depths, deeper waters and new frontiers.
Our industry is experiencing fundamental challenges. From climate change and geopolitics to the energy markets, we are facing new realities. Some see them as threats. In Equinor, we believe our job is to turn them into opportunities. That’s why we’re looking for new ways to utilise our expertise in the energy industry, exploring opportunities in new energy as well as driving innovation in oil and gas around the world. We know that the future has to be low carbon. Our ambition is to be the world’s most carbon-efficient oil and gas producer, as well as driving innovation in offshore wind and renewables.
Every single day we deliver oil, gas and wind power to energise the lives of more than 170 million people, enabling them to cook, create, work and travel. Oil, gas and electricity quite literally turn the wheels of society—in transportation, communications, manufacturing and industry.
Our products are essential in other areas too: people often forget that petrochemicals and gas are needed for manufacturing plastics, synthetic fabrics, asphalt, cosmetics and even medicines. They may be based on lesser-known substances such as naphtha, condensates, wet gas or methane, but they nevertheless play important roles in modern society.
We are also a major crude oil seller and the second-largest supplier of natural gas to the European market. We also supply electricity in the UK through our offshore wind farms Sheringham Shoal, Dudgeon and Hywind Scotland.
Odourless, colourless and flammable natural gas isn’t just used for heating and cooking. Numerous everyday products wouldn’t be possible without it. From vinyl flooring, carpeting, cell phones and piping to aspirin, artificial limbs and heart valves, natural gas plays a vital part in the petro-chemical industry.
Natural gas also produces less than half the CO2 emissions compared to coal, and far fewer other airborne emissions. Natural gas is also ideal in conjunction with renewable energy sources. Since renewable energy from solar and wind is intermittent, gas can provide a stable base load of electric power.
As the second largest retailer of gas to Europe, we already meet the total energy consumption equivalent of 100 million European households. We believe that Europe should continue to invest in natural gas as the most cost-effective and readily-available solution to meeting its energy security and emission reduction targets.
We are one of the world’s major net sellers of crude oil, operating from sales offices in Stavanger, Oslo, London, Singapore, Stamford (USA) and Calgary. We trade in petroleum products, methanol, natural gas, power and emission allowances all over the world, trading over two million barrels of crude oil and condensate (light oil) per day.
Our marketing and trading division plays a key role in the value chains, ensuring the steady flow of our upstream liquids and natural gas production. With the asset backed trading model, our traders use Equinor’s assets—equity positions, terminals, refineries and pipelines—as trading and optimisation tools to maximise value.
We produce nearly 1,200,000 barrels (including natural gas liquids and condensate) per day from the Norwegian continental shelf, and are also responsible for sales and marketing on behalf of the Norwegian state's direct financial interest (SDFI) and trading third-party crude oil produced by other North Sea equity owners.
Our main crude oil market is north-west Europe, but we sell also volumes to North America and Asia. Most of the crude oil volumes are sold in the spot market based on publicly quoted market prices. Seaborne transportation of our crude, product, gas liquids and LNG volumes involves more than 4300 voyages worldwide per year and moves over 100 million tonnes annually.
We transport and market approximately 70% of all NCS gas and have a growing US gas position. A significant proportion of our gas sales contracts are sold under long-term contracts with large industrial customers, power producers and local distribution companies. In addition, gas is sold through short-term contracts and trading on European liquid marketplaces both in the UK and the European continent. In the USA, gas is sold through a mix of contracts and trading in liquid marketplaces.
We operate a number of terminals and refineries in and outside Norway. Our facilities are particularly important for the marketing of crude oil from the Norwegian continental shelf, by providing intermediate storage and processing capacity for crude oil into high-quality diesel, heating oil and propane for consumers in Europe, North America and Asia.
We are constantly seeking to increase production and reduce emissions from our refineries. At all our facilities, we apply technology to reduce the negative environmental impact of our processes and ensure safe operations.
Our oil refinery at Mongstad is the largest of its kind in Norway. First built in the early 1970s, the Mongstad facility has been upgraded and expanded multiple times, ensuring that its products meet the ever increasing standards of environmental performance and production output.
By 2040, our projections suggest that the decarbonised power sector will account for as much as 57% of the world’s energy mix, compared to 21% today. As a leading energy provider actively supporting a low-carbon future, we aim to support this transition through our core activities.
Our New Energy Solutions business area will complement our oil and gas portfolio with profitable renewable energy and low-carbon solutions, starting with our existing offshore wind portfolio and carbon capture and storage (CCS) projects. By combining our progressive technologies and operational expertise with foresight and responsiveness, we aim to seize the new business opportunities that are opening up in clean energy.
Through partnerships and cooperation, we will build this part of Equinor on a strong industrial platform of value creation and profitability.
Our rationale for offshore wind is to build on our significant offshore experience in harsh environments and rough waters, applying our expertise to new areas. The projects combine known technologies in a new setting, enabling wind energy to be captured in deep-water environments which offer better wind conditions and reduced conflict potential when applying for acreage.