Equinor cuts green investments in favor of fossil fuel production plans
Norway's state oil firm Equinor has announced it will cut its green energy investments from $10 billion to $5 billion over the next two years. This decision comes as the company aims to increase fossil fuel production, including oil from the Rosebank oilfield. Equinor's revised plans will slow its low-carbon energy growth target from 12-16 gigawatts to 10-12 gigawatts. The company also plans to boost oil production to 2.2 million barrels per day by 2030, a 10% increase from previous targets. This shift follows similar moves by other fossil fuel companies like Shell and BP, which are also reducing their green spending amid fluctuating oil and gas markets. TotalEnergies has also announced a 10% cut in its low-carbon energy budget.