Equinor

Equinor is Europe's second largest oil and gas producer after BP. It is majority owned by the Norwegian state.

History

2023

The company provides 2/3 of gas exports from Norway

Europe's gas supply is again dependent on one company. Norwegian Equinor now plays a huge role in the ups and downs of gas prices on the continent

Gas deal with Germany's Sefe until 2034 for €50bn

German energy company Sefe on December 19, 2023 entered into a 50 billion euro ($55 billion) gas deal with Norwegian Equinor, providing a third of the industrial needs of Europe's largest economy in gas.

Norway has been the main supplier of natural gas to Germany since the country withdrew supplies from Russia in August 2022. Norway currently accounts for approximately 40-50% of gas imports to Germany.

The supply deal provides for the supply of about 10 billion cubic meters of gas per year from January 1, 2024 to 2034, as well as an option for another five years for 29 billion cubic meters.

2022

Equinor sold its Russian assets to Rosneft for €1

Norwegian Equinor sold its Russian assets to Rosneft for €1, transferring in return its investment obligations in the amount of $1 billion. In September 2022, Equinor became the first oil and gas company to completely leave Russia.

Losses of more than $1 billion due to withdrawal from Russia

The Norwegian oil and gas group Equinor lost more than $1 billion in 2 months due to its withdrawal from Russia, which it announced on May 4, 2022. We are talking about the amount of $1.08 billion, which accounts for the net depreciation of assets in the Russian Federation.

Of this amount, $251 million are fixed assets and intangible assets, another $832 million relate to investments.

The company worked in Russia for more than 30 years.

Leaving Russia will greatly affect our employees and lead to the depreciation of our assets in the country this quarter, "said Anders Opedal, President and CEO of Equinor ASA.

The company also indicated that what is happening in Ukraine (military actions against the background of the Russian special operation) led to an increase in energy prices and increased uncertainty in the markets.

At the end of February 2022, the board of directors of Equinor decided to withdraw from joint ventures in Russia and to stop new investments in the country against the background of the Russian special operation launched in Ukraine.

We are all deeply concerned about the conflict in Ukraine, which is a terrible failure for the whole world, and we think about all those who suffer due to military action, "Anders Opedal said at the time.

He stressed that Equinor's top priority in this difficult situation is "the safety of people."^[1]

Production in the Russian Federation amounted to 25 thousand barrels of oil equivalent per day (by May 2022). Among the projects owned by Equinor in Russia, also 49% in Krasgeonats (then renamed AngaraOil) with licenses for oil exploration and production at sites in Eastern Siberia.

On September 1, 2022, Equinor confirmed its withdrawal from Haryaga, the company had no assets left in Russia.

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