by P. Homewood, Feb 6, 2025 in NotaLotofPeopleKnowThat
Norwegian energy giant Equinor is halving investment in renewable energy over the next two years while increasing oil and gas production.
Chief executive Anders Opedal said that the transition to lower carbon energy was moving slower than expected, costs had increased, and customers were reluctant to commit to long term contracts.
Mr Opedal told the BBC he was confident that Rosebank – a giant new oil field in the North Sea – would go ahead, despite a recent court ruling that consent had been awarded unlawfully.
He also warned that gas prices could rise next winter as European gas storage levels were lower now than this time last year.
“We are scaling down our investments in renewables and low carbon solutions because we don’t see the necessary profitability in the future,” Mr Opedal said.
It will cut investments in renewables to $5bn over the next two years, down from about $10bn.
It will also drop a target to spend half of its fixed assets budget on renewables and low carbon products by 2030.
By contrast, Equinor will be increasing oil and gas production by 10% over the next two years.
https://www.bbc.co.uk/news/articles/c1jg7k1kjwyo
This is of course part of a much wider trend, as we saw today with Orsted’s decision to call a halt to offshore wind development. Renewable energy is wholly dependent on govt subsidy, which as President has shown is illusionary.
Incredibly the far-left BBC still believe that “Rosebank is not straightforward”
What could not be more straightforward than a British oil field which could supply ultra cheap oil and gas to the country, sustain thousands of well paid jobs, send millions in tax revenues to the govt, provide an element of energy security and actually reduce emissions in comparison with importing the stuff.
Only the British hating BBC could object to that!
BTW
I cannot help but be reminded what the Xi’s useful idiot, Ambrose Evans-Pritchard said last week, when he said that the world’s investors were chasing green energy because that was where the money was!
Dream on, Ambrose!!!!!!!!!!!!!