Key findings

• Oil and gas still receive lion’s share of investments and as a share of its energy portfolio, estimated to be 5 times more than low carbon production.  

• Oil and gas production is targeted to increase 3% year-on-year, despite Equinor’s guidance to maintain, but not grow, oil and gas production between FY22 and FY30.  

• As a primarily upstream producer, Equinor has fewer levers compared to peers to transition its energy portfolio and increasing low carbon generation will be key to achieving its net carbon intensity target. As of FY22, Equinor’s net carbon intensity has reduced 2% on FY19 levels, 18% short of its FY30 target.