More energy. Lower emissions. At the same time. It sounds like a paradox, and in many ways, it is. But it is also the challenge defining our strategy. This is how we are turning that tension into action, from the Norwegian continental shelf to the US, Brazil and India.
When deliveries of liquefied petroleum gas (LPG) were disrupted in parts of India, the consequences were immediate. Restaurants and hotels were forced to close, and people could no longer cook at home. Fights broke out over the limited gas that remained available.
It was a powerful reminder of something that is easy to overlook: energy is not just a commodity. It is what keeps societies running.
This is also the starting point for our strategy: to be a trusted provider of reliable energy in a world that is changing quickly and unevenly. This has become even clearer since we last updated our strategy in 2021. Energy has become a matter of security, costs have increased, and markets are more volatile.
At the same time, demand for energy continues to grow – driven by electrification, industry and new technologies. This places us in a challenging, but also very clear, position.
Through this strategy, we reinforce our role as a trusted provider of reliable energy. We will grow our value creation from increased energy production from oil, gas and power. And we invest in new technologies, options and low carbon solutions to position us for a market-led growth in the energy transition.
Anders Opedal
President and chief executive officer
At its core, our strategy is simple: we deliver energy today while building the energy system of tomorrow. Simultaneously.
We are not replacing one business with another. Instead, we are developing multiple pathways in parallel: oil and gas, power and renewables, and new low-carbon solutions. This also means building new growth engines across our portfolio to ensure long-term value creation as the Norwegian continental shelf (NCS) matures.
“In a more uncertain world, our strategy ensures we deliver reliable energy to our markets and customers, while maintaining the flexibility to adapt and create value across our oil and gas portfolio and our integrated power business,” Opedal says.
But how do we do this in practice? And what does it really mean to deliver more energy while at the same time reducing emissions?
The Norwegian continental shelf remains our backbone
Oil and gas remain the foundation of our business, and the NCS will continue to be our backbone for many years to come. Its importance has become even more visible in recent years.
When Russia’s invasion of Ukraine disrupted large parts of Europe’s gas supply, the need for reliable deliveries became acute. Today, Norwegian gas helps keep industries running and homes heated across the continent.
In fact, Norway currently supplies around 30% of Europe’s gas demand – underlining the importance of stable and predictable deliveries in an uncertain world.
Europe depends on our deliveries every single day. We need to deliver reliably now, while also ensuring supply in the long term.
Kjetil Hove
Executive vice president, Exploration and Production Norway
This also requires us to adapt. The NCS is maturing, and the era of giant discoveries is largely behind us. The focus now is on developing smaller discoveries close to existing infrastructure, improving efficiency, reducing emissions and maximising value from existing fields.
In this way, today’s business helps finance tomorrow’s energy solutions.
At the same time, while the NCS remains our foundation, we are developing a more focused international portfolio.
Focused international growth and stronger energy delivery
Internationally, we have sharpened our portfolio.
In Brazil, we are pursuing focused growth in international oil and gas. The Raia project alone is expected to deliver around 15% of the gas brought onshore in the country.
For Brazil, this means more stable energy supply. For us, it means long-term value creation in a growing market. We will grow our value creation from increased energy production across oil, gas and power.
We have high-graded our portfolio and invested in projects with low cost and long lifetime. Now we are delivering growth from what we already have.
Philippe Mathieu
Executive vice president, Exploration & Production International
This is what focused international growth looks like in practice: fewer, stronger projects that deliver both value and energy.
Building an integrated power business
At the same time, we are building an integrated power business.
Demand for electricity is rising rapidly, creating new opportunities. But this is not just about building individual projects. It is about developing an integrated power business where generation, flexibility, and trading are connected.
The transition is more complex than many expected. We need to combine technologies and actively use the market.
Helge Haugane
Executive vice president, Power
We are moving from individual projects to systems, building a power business that can deliver reliable energy when and where it is needed. Across all business areas, one ambition is clear: to be a reliable energy provider.
From production to customer: where value is created
Value is not only created in production. It is also created in what happens between production and the end customer.
The experience from India shows how critical this is in practice. For many people, our products are essential to everyday life – for cooking, transport and industry.
At the same time, markets, energy trading activities and customer insights are becoming increasingly important in how we create value across the portfolio.
This also means taking a more market-led approach across our portfolio. Delivering what we promise, even under challenging conditions, builds trust over time.
Our job is to ensure that what we have committed to is delivered on time and without interruption.
Irene Rummelhoff
Executive vice president, Marketing, Midstream and Processing
Across the business, we prioritise value over volume. Capital is allocated where it delivers the strongest returns both in oil and gas and in renewables. Low-carbon solutions are developed in line with market maturity, technology, and customer demand.
A more realistic path forward
The strategy is better aligned with the landscape we have to navigate in. It reflects that the energy transition will take time and that the world will need multiple energy sources for the foreseeable future.
At the same time, the ambition is clear.
“As the world changes, we are evolving how we work to stay future fit and deliver on our purpose. Who we are will not change,” Opedal says.
“Our purpose, safety focus, values and value-based performance framework continue to guide how we lead, collaborate and deliver. Our competitive strength remains rooted in a unique core business, while our three strategic pillars continue as our foundation: Always safe, High value and Low carbon,” Opedal explains.
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