As climate change worries persist, oil and natural gas majors should be more transparent in reporting their emissions reductions and climate change strategies, CEO and President of Equinor Eldar Sætre said March 11 at CERAWeek by IHS Markit in Houston.
Sætre said the industry as a whole needs to work together and should be more transparent in its effort to cut emissions.
In January, the Norwegian state-controlled Equinor reported it had slashed carbon dioxide emissions from its operations on the Norwegian Continental Shelf by 600,000 tonnes since 2011. Based on 2011 levels, the company plans to reduce emissions in the regional supply chain to 50% by 2030, from 26% currently.
Equinor said in August 2018 it would maintain production from its installations on the Norwegian Continental Shelf at current levels beyond 2030 while also trying to lower its carbon dioxide levels.
At that time, Equinor said it still intended to drill up to 3,000 wells, extend the life of more than 20 installations, and actively explore for gas, explore the possibilities of floating offshore wind to reduce emissions, and increase the use of new technology.
Formerly known as Statoil ASA, the company changed its name in early 2018 to Equinor to reflect its growing expansion into power and renewable energy.