Norway's Equinor Drops Renewable Energy Targets, Boosts Drilling

Written by Martin Lynch, European News Editor for IIR News Intelligence (Sugar Land, Texas)

Summary

Equinor has dropped its 2030 targets for renewable energy while at the same time increasing its investment in key North Sea drilling projects.

Following in the Footsteps

Norway's Equinor has followed in the footsteps of rivals BP and Shell by dropping its  renewable energy targets while increasing investment in North Sea oil and gas drilling. 

In a recent strategy update, Equinor confirmed that it is dropping a 2030 ⁠renewable energy capacity goal of 10-12 gigawatts (GW) and replacing it with a more general power generation investment plan that also includes ​non-renewable electricity technologies. At the same time, the company confirmed an investment of more than NOK4 billion (US$412 billion) will be made to boost production from the longstanding Troll field in the Norwegian North Sea. According to Industrial Info Resources data, there are seven active Troll projects worth more than US$518 million in the pipeline. 

Pulling Back on Renewables

"We are not replacing one business with another," Equinor Chief Executive Officer Anders Opedal said in a statement. "Instead, we are developing multiple pathways ​in parallel: oil and gas, power and renewables, and new low-carbon solutions." The company had previously reduced its 2030 renewables capacity target from 12-16 GW to 10-12 GW last year. The company said it will spend just 10% of its capital expenditure on the new integrated power business, compared to a previous commitment to invest 50% of capex on renewables in the 2030s. The Power division will combine its renewable portfolio, gas-fired generation, energy storage assets and trading activities. The company still expects to see power production capacity quadrupling by up to 20 terawatt-hours (TWh) in 2030, due mainly to a number of large offshore wind farms under construction, including the Dogger Bank A, B and C mega projects in the U.K.. Each will have a generating capacity of 1.2 GW. Construction is also underway on the Baltyk 2 and Baltyk 3 offshore wind projects off the coast of Poland in the Baltic Sea. They will have a combined capacity of 1.44 GW. Industrial Info is tracking 10 onshore and offshore projects associated with the development worth US$11 billion. 

New Troll Investment

Equinor, with partners Petoro, Shell, TotalEnergies and ConocoPhillips, are investing US$412 million in a new subsea development that will increase gas production from the Troll field in the North Sea. The TWIN project - short for Troll West Increased gas recovery North - will add around 11 billion standard cubic metres of gas. It is the third step of Troll Phase 3, which produces gas from the Troll West reservoir, and will come onstream in 2028. The second step is currently underway and will come onstream during 2026 and, Equinor stated, "will ensure continued high production from Troll A and Kollsnes towards 2030." 

The Troll field contains about 40% of the total gas reserves on the Norwegian continental shelf and is the cornerstone of Norwegian gas production. Gas from Troll alone meets around 10% of Europe's gas needs. "We have an ambition to start production as early as 2028," said Gunnar Nakken, senior vice president for projects and subsea Norway in Equinor. "By simplifying, increasing standardisation and reusing existing infrastructure and equipment, we are reducing costs and enabling faster production, in line with our new ways of working. Our fields are aging, new discoveries are smaller and costs are increasing. If we are to continue delivering, we need to do something radically different. Our ambition is to halve costs and execution time for our subsea projects and develop six to eight such projects per year towards 2035."

Boosting Gas Production for Europe

Last month, Industrial Info Resources reported that Norway's government had taken a decision to reopen a number of gasfields shut down last century in an effort to produce more gas for Europe. The Albuskjell, Vest Ekofisk and Tommeliten Gamma gasfields are located near the giant Ekofisk field off the south coast of Norway. Production will restart in late 2028 - almost 40 years since they last produced and with a reported  investment value of NOK 19 billion (US$2 billion). For additional information, see May 18, 2026, article - Norway Doubles Down on Gas Production for Europe. Industrial Info Resources is tracking nine related projects across the three North Sea gasfields covering drilling, subsea infrastructure and pipeline tiebacks. 

Key Takeaways 

• Equinor has dropped its 2030 targets for renewable energy while at the same time increasing its investment in key North Sea drilling projects. 
• A new Power division will combine its renewable portfolio,  gas-fired generation, energy storage assets and trading activities.
• Industrial Info Resources is tracking seven active Troll projects worth more than US$518 million in investment.

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).