How can a new oil field contribute to the energy transition? Because tomorrow’s energy is born of the energy of today.
Energy is at the heart of everything. It is needed for people and societies to thrive and progress. And it is at the core of solving the climate challenge.
Today, oil and gas supply about 55% of the world’s energy, keeping our lights on, making travel possible, heating and cooling our homes, providing food, and underpinning modern society in countless ways. But as we all know, hydrocarbon fuels lead to global warming and emissions must be cut.
Today, Equinor is recognised as being among the most carbon-efficient producers of oil in the world. We have implemented measures to reduce CO₂ emissions in our oil and gas production to industry-leading levels, and we will continue to reduce emissions year on year.
Ultimately, we intend to reach zero — including the use of our products. We have set ourselves the clear ambition to become a net-zero company by 2050, with a Net Carbon Intensity (NCI) of 0 including emissions from production and consumption (Scope 3).
Oil and gas are needed to power the energy transition, providing essential energy to develop renewable sources, and ensuring a stable, secure energy supply to all of society as we move towards net zero. That’s why we are building the industry of tomorrow on the shoulders of the industry of today.
The International Energy Agency (IEA) predicts that oil and gas will remain necessary in 2050, even in their Net Zero scenario, which is the most ambitious trajectory for reducing greenhouse gas emissions. Although the need for oil will be lower, it will still be needed. That’s why it’s essential to ensure the best available technologies are used for producing oil with the lowest possible emissions.
The biggest test — how will we solve the energy and climate crises?
The world is in the midst of an energy crisis –while the climate crisis is looming. Will we tackle both?
In our 6-part mini-series “The biggest test,” we met four young people who will all be 50 years old in 2050, and who explore Equinor’s plan for net zero by 2050.
Equinor is the largest producer of oil on the Norwegian continental shelf and among the world’s largest net sellers of crude oil and condensate. We also have substantial processing and refining operations.
We began producing oil in 1979 with the start of production from the Statfjord field, one of the largest oil and gas discoveries in the North Sea and a significant milestone in Norway's history as an oil-producing nation.
We now operate around 70% of the total oil and gas production on the Norwegian Continental Shelf, playing a pivotal role in the exploration, development, and production of oil and gas resources, and we are a key contributor to Norway’s income and employment.
Today, Equinor is recognised as being among the most carbon-efficient producers of oil in the world. We have implemented measures to reduce CO₂ emissions in our oil and gas production to industry-leading levels and we are continuing efforts to further improve our sustainability.
Each type of crude oil has unique molecular and chemical characteristics. Customers and traders need to know this information when buying, selling and blending our products. The chemical descriptions of all our crude oil feedstocks is available in our crude oil assays, available from the link below.
Every day, the world consumes around 100 million barrels of oil a day, equivalent to 190.7 exajoules or 5.3 ×104 Terawatt hours [TWh] of energy. It is no easy task to replace this vast quantity of energy with reliable, sustainable and renewable energy sources.
Oil is essential today due to its high energy density, ease of transport and storage, versatility and high calorific value. Also, it’s not just a fuel for transportation, but also a raw material for the petrochemical industry, for plastics and pharmaceuticals, and for the cement, steel and fertiliser industries vital to modern life.
What’s more, oil and gas are needed to power the energy transition, providing essential energy to develop renewable sources and the materials required to build them — and ensuring a stable, secure energy supply to all of society as we move towards net zero.
The Johan Sverdrup field
Johan Sverdrup is the third largest oil field on the Norwegian continental shelf, and a major supplier of energy to Europe. The entire field is now on stream, and accounts for roughly a third of Norway's oil production. It also has some of the lowest CO2 emissions of any oil field in the world.
Founded in 1972 by the Norwegian government, our purpose was to manage Norway’s vast oil and gas resources. We have since played a pivotal role in the development of our country’s hydrocarbon sector, fuelling economic growth and providing substantial revenue to the state.
