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Major European energy firms doubled down on oil and gas in 2024 to focus on near-term profits

Big Oil backtracks on renewables push

Major European energy companies doubled down on oil and gas in 2024 to focus on near-term profits, slowing down - and at times reversing - climate commitments in a shift that they are likely to stick with in 2025.

Business • 30 Dec 24

New accounts for Vermilion Energy Corrib Ireland Ltd show that it paid out dividends of €621.95m last year and it declared a further dividend of €65m in September 2024

Corrib Gas field firm pays out dividends of €686.95m

A Corrib Gas field firm, currently challenging an EU windfall energy tax regime, has paid out dividends of €686.95m over the past two years.

Business • 22 Nov 24

Equinor's retreat from renewable energy mirrors similar moves by European rivals Shell and BP

Norway's Equinor cuts 20% of staff at renewables unit

Norway's Equinor is trimming 20% of the staff from its renewable energy division and will compete for a smaller number of new projects as it streamlines the business unit, the company told Reuters today.

Business • 21 Nov 24

BP, Shell and Norway's state-controlled Equinor are scaling back energy transition plans set out earlier this decade

European oil giants step back from renewables path

Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power.

Business • 18 Nov 24

TotalEnergies said the $500m would be disbursed over several years via tenders for projects along the energy value chain

Oil majors commit $500m to boost energy access

Oil and gas majors TotalEnergies, BP, Shell and Equinor have pledged to invest $500m to increase access to affordable energy, primarily in sub-Saharan Africa, south and southeast Asia.

Business • 15 Nov 24

Irish arm of Equinor paid out €350m dividend last year

The Irish arm of Norwegian State owned Equinor paid out a dividend of €350m last year before finalising the sale of its 36.5% share of Corrib Gas to Vermilion Energy.

Business • 12 Mar 24

BP and Equinor cited rising inflation, higher borrowing costs, and supply chain issues for the decision not to sell offshore wind power to New York state

Equinor, BP cancel deal to sell wind power to New York

European energy firms Equinor and BP have terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm.

Business • 04 Jan 24

Norway's Equinor and its partners will inaugurate the world's largest floating offshore wind power farm today

Equinor opens world's largest floating wind farm

Norwegian energy firm Equinor and its partners will inaugurate the world's largest floating offshore wind power farm today, whose output will supply nearby oil and gas platforms and cut their greenhouse gas emissions.

Business • 24 Aug 23

Today's deal with Suncor Energy gives the Norwegian company stakes in several key North Sea petroleum assets

Norway's Equinor buys Suncor Energy UK in $850m deal

Equinor is to buy the British oil and gas business of Canada's Suncor Energy for $850m, giving the Norwegian company stakes in several key North Sea petroleum assets.

Business • 03 Mar 23

A former senior executive at telecoms group and drinks maker Diageo, Swedish-born Ulrica Fearn is leaving Equinor after just 16 months at Norway's largest oil and gas company

Equinor CFO steps down, moves to Carlsberg

Equinor's chief financial officer (CFO) will step down next week and take up a position from January 1 as CFO of Danish brewer Carlsberg, the two Nordic companies said.

Business • 30 Sep 22

Equinor Energy Ireland Ltd received a corporate tax credit of €89.17m on its 2021 profits from Corrib Gas

Norway energy firm sees soaring profits from Corrib Gas

The Irish unit of a Norwegian owned energy firm last year enjoyed soaring pre-tax profits of €289.8m from its share in the Corrib Gas Field - and paid no corporation tax.

Business • 29 Sep 22

Russia's Rosneft paid just €1 for Equinor's main assets, sources say

How Equinor exited Russia - move fast, sell cheap

Norway's Equinor became the first Western oil major to fully exit Russia this month, avoiding the high-profile clashes with Moscow experienced by some rivals - but it also paid a price.

Business • 14 Sep 22

The Norwegian energy group has delivered on a promise made after Russia's invasion of Ukraine in February

Norwegian energy group Equinor completes Russia exit

Equinor has completed its exit from Russia, the Norwegian energy group said today, delivering on a promise made after Russia's invasion of Ukraine in February.

Business • 02 Sep 22

Northern Lights has agreed a deal to transport and store carbon dioxide captured from Yara Sluiskil, an ammonia and fertiliser plant in the Netherlands

European CO2 storage project signs 'milestone' deal

A carbon storage project owned by three major European oil firms has secured its first commercial deal in what they billed today as a "major milestone" in the decarbonisation of heavy industry.

Business • 29 Aug 22

The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes amid high oil and gas prices

Norwegian oil and gas output falls as strike begins

Norwegian offshore oil and gas workers went on strike over pay today, the first day of planned industrial action that could cut the country's gas exports by almost 60% and exacerbate supply shortages in the wake of the Ukraine war.

Business • 05 Jul 22

The $434m sale will take effect from the start of next year

Equinor to sell its stake in Corrib gas field for $434m

Norway's Equinor has agreed to sell its stake in the Corrib gas field to partner Vermilion, the Norwegian oil firm has said, putting an end to its activities in Ireland.

Business • 29 Nov 21

Equinor had been working with the ESB since 2019 to identify and build a portfolio of offshore projects around the Irish coast

Equinor withdraws from Irish offshore energy project

A Norwegian energy company that planned to develop offshore wind electricity generation capacity off the coast of Ireland in partnership with the ESB has confirmed that it is ceasing its involvement with the project.

Business • 04 Nov 21

Shell's first-quarter profit climbed 13% from last year to $3.2 billion though that was still below 2019's $5.3 billion

Europe's oil majors leave pandemic blues behind

Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings today, putting the worst of the pandemic era slump in fuel demand behind them.

Business • 29 Apr 21

Italy's Eni will buy a 20% stake in the Dogger Bank Wind Farm development for £405m

Eni buys 20% of Dogger Bank wind power project

Italy's Eni will buy a 20% stake in the Dogger Bank Wind Farm development from Norway's Equinor and Britain's SSE for a combined £405m, the companies said today.

Business • 04 Dec 20

Dogger Bank will be the largest offshore wind farm in the world when operational

SSE, Equinor invest £6 billion in offshore wind farm

UK utility company SSE and Norwegian oil and gas firm Equinor have agreed to invest £6 billion to construct the first two phases of the Dogger Bank offshore wind power project, the two companies said today.

Business • 26 Nov 20

Statoil said it plans to change its name to Equinor

Statoil to rebrand as Equinor in green energy push

Norway's Statoil plans to change its name to Equinor, reflecting its commitment to become a broad energy company rather than one focused only on oil.

Business • 15 Mar 18

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