Obtain gas and oil locally, the head of Equinor Energy said

The head of the massive energy company Equinor has stated that nations should ensure their supplies of gas and oil by sourcing domestically. Anders Operdal told the BBC that following Russia’s invasion of Ukraine, which resulted in supply disruptions and price increases, energy security ought to be the top priority. The greatest new oil and gas field development in the UK in decades, Rosebank in the North Sea, is primarily owned by Equinor. Critics counter that increased oil fields won’t increase the security of the UK’s energy supply. They contend that the best approach to guarantee more stable energy prices is to move away from fossil fuels more quickly.

The primary investor in the North Sea’s Rosebank oil field, which is the biggest new oil and gas field development in the UK in decades, is Equinor. The day after the International Energy Agency declared that any further oil and gas projects would violate the global goal of preventing the temperature from rising by more than 1.5 degrees over pre-industrial levels, it was approved. Nonetheless, Mr. Opedal justified Equinor’s investment in Rosebank by citing the effect of Russia’s invasion of Ukraine on Europe’s supply of gas and oil. “One of the key learnings from 2022 is that energy security needs to be on top of the agenda, together with affordability and sustainability,” he stated.

“Each country needs to, I think, look harder into producing the energy they need closer to home, and that’s really what we are working on to make sure we can supply Europe, the UK, with gas and oil these days and for decades to come.” Saying that Equinor was adopting “a balanced view” of the move away from fossil fuels, Mr. Opedal stated. According to him, by 2030, investment in renewable energy would account for 50% of capital spending, up from its present 20% share. “We are investing in Rosebank but we are also investing in Dogger Bank – the world’s largest windfarm,” he stated. “We are readying our company for the eventual drop in the market for gas and oil. In addition to providing the energy the world needs right now, we are investing in the energy of the future,” he stated.