Equinor strategy signals reduced emphasis on offshore wind growth

Pexels ©


Equinor has set out a new strategy focused on increasing energy production, cash flow and shareholder returns, with limited investment directed towards its power and offshore wind portfolio.

The company expects to allocate around 10% of total capital expenditure to power, compared with significantly larger allocations to oil and gas.

Power production is projected to exceed 20 TWh by 2030, mainly from projects already under execution. This represents a narrower growth focus for offshore wind and broader power activities, as the company concentrates on select markets and integrated energy opportunities.

In contrast, around 60% of capital expenditure will be directed to the Norwegian continental shelf, with a further 30% allocated to international oil and gas. Equinor is targeting overall production growth to 2.3 million barrels of oil equivalent per day by 2030, alongside a 30% increase in cash flow from operations.

The strategy reflects expectations of sustained oil and gas demand, alongside increasing energy security concerns and increasing global power consumption. Although, offshore wind remains part of Equinor’s portfolio, the updated investment balance indicates a more measured approach to expansion in the sector.

For more information about offshore wind farm projects across the globe, click here.

< Back to previous page

CATEGORIES