Norway’s state-backed oil giant has admitted that it is under mounting pressure from shareholders to invest more in renewable energy and prove that it can do so profitably. Al Cook, executive vice-president and head of global strategy at Equinor, said that the company was ploughing ahead with investing in offshore wind farms including $5 billion in the UK because it needed to be “on the right side of history”. However, he said that it still needed to “demonstrate to our shareholders that we can create value there”. Equinor, which rebranded itself from Statoil in 2018 to reflect the push into green energy, is 67 per cent owned by the Norwegian government. It employs 20,000 people in more than 30 countries and reported revenues of $80 billion in 2018 from oil and gas production, equivalent to 2.1 million barrels a day.
Times 3rd Jan 2020 read more »