Norwegian oil giant cuts green investment in half

Equinor follows other energy companies in reducing investment in renewables. Shell and BP have both scaled back their future plans.

Mr Opedal appeared to welcome Donald Trump’s invitation to the industry to “drill, baby, drill” but said energy prices, not the US president, would dictate future exploration and production.

“When I hear ‘drill, baby, drill’, I see that as a positive sentiment to the oil and gas business but I think companies will always decide on drilling programs based on price signals,” said Mr Opedal.

“If prices go down, less wells will be drilled, if it goes up, more will be drilled.”

When asked how this was compatible with his target to make Equinor net zero by 2050, he conceded that drilling more now would make it harder in later years.

Mr Opedal also warned that low levels of gas storage in Europe as it exits this winter could mean higher prices next year.

“Gas storage levels will be lower this spring, meaning that Europe will need to fill up larger amounts of gas to keep it at the same level,” Mr Opedal added. “The increase in underlying demand for gas from China means more competition for energy which has the potential to increase prices.”