Equinor: Keeping offshore

The Norwegian NOC has used its offshore oil and gas prowess to expand into offshore wind, but project setbacks and lower returns are a concern for investors

Norway’s Equinor has largely stuck to its traditional strengths over the years, focusing mainly on offshore oil and gas while leveraging that expertise to develop offshore wind and offshore CO₂ storage. The state-owned firm benefits from a base of large and low cost-per-unit assets in Norway, as well as the country’s stable regulatory environment that is supportive of continued hydrocarbons production. Over the years, it has used this base to expand overseas, not only in oil and gas but also in low-carbon sectors. Yet this strategy has had its fair share of setbacks. The company has leaned far more heavily into offshore wind than any other big European energy player and—under pressure from i