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Equinor Wants the World’s Last Drop of Oil to Come from Norway

  • Company sees advantage in lower emissions per barrel of oil
  • Norway is restricting exploration in frontier areas next year
NORWAY-ENERGY-OIL

Photographer: Carina Johansen/AFP/Getty Images

Equinor ASA will drill about 25 exploration wells off Norway’s coast next year in a bet that it will be among the last companies still producing oil and gas when the world has achieved net-zero emissions. 

All scenarios, including the International Energy Agency’s vision of a net-zero world, include the continued use of oil and gas decades from now, albeit in smaller quantities than today, said Jez Averty, Equinor’s senior vice president for subsurface in the company’s Norwegian exploration and production department.