Norwegian oil veteran company cuts green investment into half

The Norwegian energy is preventing investment in renewable energy over the next two years, increasing the veteran of giants with legendary oil and gas.

Chief Executive Anders Opedle stated that infection for low carbon energy was moving more slower than expected, the cost was increased, and customers were committed to long -term contracts.

Mr. Opedle told the BBC that he was confident that a huge new oil area in the Rosebank – North Sea – will move forward despite a recent court verdict that the consent was illegally honored.

He also warned that gas prices may rise in the next winter as European gas storage levels were lower compared to this time last year.

“We are reducing our investment in renewable and low carbon solutions because we do not see the necessary advantages in the future,” Mr. Opedle said.

This will cut $ 5BN in investment in renewal in the next two years, below $ 10bn.

This will also leave a target to spend half of the budget of your immovable properties on renewable and low carbon products by 2030.

Conversely, Ikwinor will increase oil and gas production by 10% over the next two years.

The controversial Rosebank oil sector is believed to have 500 million barrels of oil.

A Scottish court recently ruled Consent was given illegally Since the application was not responsible for the complete environmental impact of the project.

Several Energy Secretary Ed Milliband within the UK government is against it.

Mr. Opedle admitted that it was a divisive issue but insisted that it was good for the UK economy.

“This is an important project for us. It provides local jobs in Scotland, local jobs in the UK, so we think the project will move forward,” he said. “We feel that Western Europe and Britain should produce oil and gas using it instead of depending on other countries outside Europe.”

Both climate campaigners and oil industry claimed victory in the Supreme Court’s decision, although the consent was canceled, the court allowed the preparation work to continue on Rosebank, while a new consent is sought.

The government said it has “already consulted” on emissions by burning extracted oil and gas, and would include consultation results when amending environmental guidance.

“Our priority is to provide a fair, systematic and rich infection in the North Sea to suit our climate and legal obligations, which moves to our clean energy of energy security, low bill and good, long -term jobs,” the spokesperson said.

From the upliftment of the environment campaign group, Tesa Khan, which brought a judicial review to stop the development of Rosbank with Greenpeace, said that Equinner was overtaken himself.

“I think it’s interest in the industry that it is a sound such as it is a tick box exercise to bring Rosbank into line,” she said.

“There is a regulatory process that needs to be satisfied, and there are very strong public interest arguments against developing Rosebank, so we do not think it will be a direct decision.”

He said that new oil and gas sectors will not bring UK bills down or UK would not improve energy security, as there will be renewal, as the oil is drilled and sold for exports.

“I think we should be honest about whether oil and gas companies are good confidence partners in energy infection and are interested in reducing people’s energy bills. I think the answer is very clearly very clearly ‘No’ “Hai,” he said.

Equiser follows other energy companies in reducing investment in renewal. Both Shell and BP have withdrawn their future plans.

Shri appeared welcoming Donald Trump’s invitation to “drills, baby, drills” for the Opedle industry, but said energy prices, not the US President, will determine the future discovery and production.

When I listen to “drill, baby, drill”, I see that as a positive feeling for oil and gas business, but I think companies will always decide on drilling programs based on price signs, ” Mr. Opedle said.

“If prices are reduced, less wells will be drilled, if it goes up, more drilled will be done.”

Asked how it was compatible with its goal of creating Equinar Net Zero by 2050, he believed that more drilling would now make it difficult in later years.

Mr. Opedle also warned that as low levels of gas storage in Europe, it may mean exiting this winter means high prices next year.

“Gas storage levels will be low in this spring, which means that Europe will need to fill a large amount of gas to keep it at the same level,” said Mr. Oopedl. “Increase in the underlying demand for gas from China means more competition for energy that has the ability to increase prices.”