Equinor backs oil and gas for longer
The Norwegian heavyweight is more optimistic about hydrocarbons than BP. But that may be driven by circumstance
Equinor released its annual long-term global energy scenarios in November, just weeks after counterpart BP. The two firms’ outlooks appear to be driving their corporate strategies—but it is also perhaps the case that the latter is impacting the former. Both companies are shifting gears to accommodate the transition to lower-carbon energy, as reflected at least to some degree in all six of their energy scenarios. But BP is planning to upgrade renewables in its energy portfolio, and downgrade oil and gas, much quicker than Equinor, reflecting relative respective optimism and pessimism across its three scenarios. According to Spencer Dale, chief economist of BP, when releasing Energy Outlook 20
Also in this section
5 February 2025
With new capacity, buyers must navigate sanctioned Russian crude, a return to traditional OPEC barrels and diversity of supply
4 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors
4 February 2025
The threat of Trump tariffs and the departure of Trudeau have sharpened the domestic political focus on boosting the oil and gas industry
3 February 2025
Alaska has been engulfed by a lack of consistent policymaking and highlights the challenges financing energy projects in the US
