OGRepublic August Edition

INDUSTRY NEWS
Equinor Develops Three Pillars Towards Clean Energy
and Carbon Neutrality
By Ndubuisi Micheal Obineme
Equinor, a Norwegian broad energy
company, has developed three
pillars as part of its strategies
towards clean energy and carbon
neutrality. The company disclosed that its
main objectives is utilising natural
resources to become energy for people
and progress of the society.
Speaking at the virtual Energy Advance -
Africa Energy Series, organised by Global
Event Partners, Christel Kvalvik, Managing
Director of Equinor Nigeria Limited, said
that the company is currently operating
more than 40 assets in the Norwegian
Continental Shelf with partner operated
assets in 20 countries.
As Energy Transition has become more
prominent over the years, she affirmed
that Equinor's ambition is to take the
leading position moving from fossil fuel
towards new forms of energy sources.
In her words, "Our goal is to achieve carbon
neutrality in our global operations by 2030
and become a net zero company by 2050.
"By 2030, we expect to direct more than
50% of our investment towards
renewables and low carbon solutions.
"By 2025, we expect this to be more than
30%. We believe that Energy Transition
might look different in Africa compared to
EU and US.
"We are focusing on three priorities which
are optimising our oil and gas port folio,
reducing emissions from current
operations. C02 emissions per barrel is
around 8 kilos and by 2030, we plan to
reduce it to 6 kilos of C02 per barrel.
"We will achieve this by upgrading our
portfolio focusing on abasement
measures.
Christel Kvalvik, Managing Director,
Equinor Nigeria Limited
These range from electrification of some of our
assets mostly on the Norwegian continental
shelf and it will be done by power cables from
land, offshore wind turbines.
"We are also looking at integrated onshore base
support centres that will be guarding
production and emissions. And, we will be
developing various digital tools to acheive this.
"We are working very closely with government,
suppliers and industry to achieve this goal.
"In logistics, we have a very close collaboration
with the maritime and green shipping. We are
working closely to developing new fuel system
such as hydrogen, anmonia and biofuels.
"The second pillar is high value growth in
renewables which also reflected on our
investment plan.
"Equinor aims to be among the top global
leader in offshore wind. Our ambitions is
installing 12-16 GW renewable energy capacity
by 2030.
“We will build a profitable business within
renewables and wind as we are looking to
increase returns of offshore wind through
regional sysnergies, project financing, strategic
farm down.
"We will upscale our project and improve our
technical capabilities as well as our energy
trading.
"The final pillar in our strategy is new market
opportunities in low carbon solutions. Low
carbon value chains are critical if you want to
decarbonise the global economy and we will
actively contribute to make sure this market
gains leadership position in the European
carbon capture storage. Our goal is to have a
market share of 25%".
Internationally, Equinor is recognised by
universal access to affordable energy and clean
energy. In Africa, Equinor has been operating in
Angola, Nigeria and Tanzania for many decades
with the ambition to continue developing and
explore new technologies for safety, creating
value and reduce emissions from its
productions.
For gas development in Africa, Christel said that
there is need for a strong collaboration
between the industry and government.
She explained, "Gas could play a significant role
in energy transition in Africa but we need to
take into consideration that Gas is more
complicated than oil.
"Additionally, gas is used differently in the
different part of the world which means we
need to communicate clearly on how we can
utilise natural gas.
"To ensure that natural gas is part of Africa's
energy transition, Equinor will bring all our
knowledge and expertise in deepwater gas
development to the continent.
"Gas flaring is also an area where we want to
tackle and eventually eliminate it. This is an
ambition that we share with all of our partners".
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OIL AND GAS REPUBLIC I SPECIAL EDITION