Equinor scales back renewables plan

Spanish Market: Crude oil, Electricity, Emissions, Natural gas
05/02/25

Norwegian state-controlled Equinor said today it has cut by up to 25pc its target for renewables capacity by 2030, and abandoned a plan to allocate half its capital expenditure (capex) to low carbon projects by that same year.

The company has cut its 2030 expected renewables capacity to 10-12GW, from 12-16GW, noting that the pace of the energy transition is slower in some markets. It did not give a new target for capex allocation to this sector.

Equinor also modified some net carbon intensity goals, setting ranges rather than absolute targets. It now plans to reduce net carbon intensity — which includes scope 3 emissions, from sold products — by 15-20pc by 2030 and by 30-40pc by 2035, from a 2019 baseline. The previous targets were at the higher end of these ranges.

Equinor made a profit of $8.83bn in 2024, down by 26pc on the year. Profit was $1.99bn in the fourth quarter, lower on the year by 23pc.

The company's oil and gas output was slightly lower in 2024, with a small increase in gas production not quite offsetting lower liquids output. Equinor's equity liquids production was 1.08mn b/d of oil equivalent (boe/d) in 2024, down by 3pc on the year, and its equity gas production rose by 2pc to 985,000 boe/d over the same timeframe.

It expects "more than 10pc growth from 2024-27" in oil and gas production, and estimated that hydrocarbons output would grow by 4pc from 2024 to 2025.

Liquids and gas prices fell in 2024. Equinor's reported Norwegian and US gas prices rose by 5pc and 26pc, respectively, on the year in the October-December period, but this was not enough to assuage a decrease across the year. The average reported price for its Norwegian gas dropped by 22pc on the year to $9.47/mn Btu in 2024, and the average reported price for its US gas decreased by 4pc to $1.70/mn Btu.

Equinor reported an average liquids price of $74.1/bl in 2024, 1pc lower on the year. Its reported fourth-quarter 2024 liquids price fell by 10pc from the same period in 2023, to $68.5/bl.

Equinor's power generation rose in 2024, boosted by additions in Brazil and Poland in 2023 and the start of the 531MW Mendubim solar plant in Brazil in 2024. Equinor's share of power generation stood at 4,917GWh in 2024, up by 19pc on the year — but its renewables share rose faster, by 51pc to 2,935GWh.

Equinor has maintained its target of 30mn-50mn t/yr of CO2 storage by 2035.

Equinor trimmed 600,000 t/CO2 equivalent (CO2e) from its absolute scope 1 and 2 — or operational — emissions over 2023-4. Scope 1 and 2 emissions from its operated production stood at 11mn t/CO2e in 2024. The company's upstream carbon intensity fell to 6.2kg CO2/boe in 2024, down by 7.5pc on the year.

Equinor will buy back $5bn of shares in 2025, having bought $6bn in 2024. It completed the fourth $1.6bn tranche of its 2024 programme on 14 January and will launch the first tranche — of up to $1.2bn — of its 2025 programme on 6 February.

By Georgia Gratton

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07/11/25

Australia’s Amplitude Energy to exit Climate Active

Sydney, 7 November (Argus) — Australian independent Amplitude Energy will withdraw from the federal government-backed Climate Active certification program from 30 June 2026, the latest participant to exit as firms await clarity on proposed reforms. The company is seeking Climate Active's carbon neutrality certification for the financial year ending 30 June 2025, after which it will report under Australia's new mandatory climate reporting rules that came into force this year, Amplitude said on 6 November. Under the new framework companies must disclose the expected effects of climate-related risks and plans to manage these risks. The company remains committed to avoid and minimise direct emissions and voluntarily surrender certified carbon credits to offset 100pc of its residual scope 1 and 2 emissions, Amplitude said. It had not responded to queries from Argus about the use of Australian Carbon Credit Units (ACCUs) at the time of writing. The firm reported total emissions of 124,478t CO2 equivalent (CO2e) in the financial year ending 30 June 2024. It surrendered 118,254 verified carbon units (VCUs) from the Verra registry and 6,224 ACCUs for that year. The ACCU share of 5pc in total surrenders was down from 6pc in 2022-23, 30pc in 2021-22 and 100pc in both 2020-21 and 2019-20 (see table) . Amplitude is yet to release its public disclosure statement for Climate Active for the 2024-25 period with the breakdown of surrendered carbon credits, but it recently mentioned in its sustainability report that total emissions fell to 103,656t CO2e. The firm is targeting a 40pc reduction of greenhouse gas (GHG) emissions from flaring by June 2030 from 2023 levels and achieved a 59pc reduction in 2025. It does not have any facilities under the compliance market's safeguard mechanism as none of its plants emit more than 100,000 t/yr of scope 1 emissions. The Australian government is considering the future of its Climate Active program and how it coexists with other climate legislations. Some of the key decisions on the future of the program include whether to change the existing list of eligible international units or set a minimum percentage use of ACCUs. Apart from ACCUs and VCUs, organisations can also use certified emissions reductions (CERs), removal units (RMUs), and verified emissions reductions (VERs) from Gold Standard. ACCUs made up only around 6pc of all cancellations over the history of the program. Several companies exited the scheme in recent months on the back of negative academic and media coverage and increasing climate litigation risks . The number of certified brands under Climate Active is currently at 492, down from almost 590 at the end of 2024. Meanwhile, the number of brands that stopped using the certification increased to 296 from around 180 over the same period. By Susannah Cornford and Juan Weik Amplitude's carbon credit surrenders under Climate Active unit Financial year ACCUs VCUs ACCU share % FY 2023-24 6,224 118,254 5 FY 2022-23 6,398 94,121 6 FY 2021-22 7,684 17,930 30 FY 2020-21 4,352 0 100 FY 2019-20 10,488 0 100 source: Climate Active Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Cop: Norway, Indonesia, France pledge $4.5bn to TFFF

06/11/25

Cop: Norway, Indonesia, France pledge $4.5bn to TFFF

Belem, 6 November (Argus) — Several countries have endorsed Brazil's Tropical Forests Forever Facility (TFFF), with Norway, Indonesia and France pledging a combined $4.5bn, Brazilian government officials said today. TFFF, a global fund to preserve global tropical forests , aims to help pay developing countries $4/hectare (ha) for preserved tropical forests. The goal is to raise around $125bn for the fund, to protect and conserve roughly 1bn ha of tropical forests globally. Brazil officially launched the fund on Thursday in Belem, on the first day of a world leaders' summit ahead of the UN Cop 30 climate talks, which start on 10 November. Norway pledged up to 30bn Norwegian kroner ($2.94bn) over 10 years. Indonesia earmarked $1bn, while France pledged around €500mn ($577.4mn), Brazilian finance minister Fernando Haddad said at the leaders' summit, without outlining the timeframe for those two countries' pledges. Colombia also pledged $250mn, the Global Strategic Communications Council said. Brazil pledged $1bn to the fund in September. "The main problem in international climate work these days is that there are not too many bold ideas," Andreas Bjelland Eriksen, Norway's climate and environment minister, told reporters. But he commended TFFF for being the opposite. "At the point where we are now, reducing deforestation of tropical forests will not be enough," he said. "We need to create incentives for keeping the remaining tropical forests for all the time we have ahead of us. Thus, I can say very clearly that Norway has liked TFFF's idea and model from the outset". He called on more nations to make pledges and outlined some of Norway's conditions for the funding. Norway will not be responsible for more than 20pc of the fund's total amount, and the fund must mobilise at least NKr100bn by the end of 2026. Haddad previously said that he expected TFFF to reach $10bn before Brazil transfers the Cop presidency in November next year. But he is much more confident now that TFFF will achieve that goal, he added. In total, 53 countries endorsed TFFF, with Portugal and the Netherlands making smaller contributions to cover the fund's operational costs, the undersecretary for economic affairs of Brazil's finance ministry Joao Paulo de Resende told reporters on the summit's sidelines. Portugal donated €1mn, and the Netherlands donated $5mn. "The backing from almost 50 countries is encouraging and marks an important start for the TFFF, reflecting growing recognition of the need for collective action to protect and restore tropical forests," the interim executive director of non-profit World Resources Institute Brazil Mirela Sandrini said. "However, the pool of those that have actually committed funding so far remains limited", she added. Brazil expects other countries to make pledges in the future, Haddad said. Germany will make an announcement on the amount of its pledge tomorrow, he added. The UK, on the other hand, has said it will not make a financial pledge at this time, although it is endorsing the fund and will contribute to spreading its word to both the public and private sectors, Haddad said. Prince William of Wales, who spoke on behalf of the UK at the world leaders' summit, called the TFFF a "visionary step" in the fight against climate change. TFFF will be "one of the key, concrete outcomes" of Cop 30, Brazilian president Luiz Inacio da Lula said during TFFF's official launch today. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Prices rise in French biomethane RGGO auction

06/11/25

Prices rise in French biomethane RGGO auction

London, 6 November (Argus) — The European Energy Exchange (EEX) nearly sold out of available French biomethane renewable gas guarantees of origin (RGGOs) at its November auction, with average prices reflecting those in the over-the-counter (OTC) market since the August auction. As the final auction of 2025, this completes the average 2025 auction price for French RGGO taxes. All but 1MWh of the offered 144GWh of RGGOs were sold in the 5 November auction for a weighted average price of €13.98/MWh. EEX calculated the reference price for the auction at €13.96/MWh. Prices averaged €12.18/MWh in the previous auction, when 107GWh of RGGOs traded in August. Initially, 147GWh produced in March-June was eligible to go into the auction . Three French municipalities pre-empted 2.98GWh of the volumes before the auction, up from 2.16GWh from one municipality before the August auction. Argus assessed French uncertified RGGOs for 2025 production at €13.90/MWh on 30 October. Bids for French uncertified RGGOs had been around €12.50/MWh at the time of the previous auction. Certified, ETS-eligible RGGOs did not sell at a premium to uncertified or non-ETS eligible volumes. As in previous auctions, EEX cannot transfer ownership of the Proof of Sustainability for any volumes sold, which limits their use for compliance. For volumes sold in the OTC market, Argus assessed certified, ETS-eligible French RGGOs from any feedstock at a €9.10/MWh premium to uncertified equivalent. The French government now applies a floor for declared tax levels for 75pc of the sale of RGGOs that are not used in transport. This is based on 75pc of the average reference prices from auctions the previous year to the production. The average of the EEX reference prices for the four 2025 auctions is €10.86/MWh, which would mean a floor of €8.14/MWh. Argus assessed 2026 vintage uncertified RGGOs at €16/MWh on 30 October. Only RGGOs from subsidy-supported biomethane, where the subsidy contract was signed after 9 November 2020, are auctioned on the EEX. Around 405GWh of biomethane RGGOs were auctioned in 2025. By Emma Tribe Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

MEG shareholders approve Cenovus deal

06/11/25

MEG shareholders approve Cenovus deal

Calgary, 6 November (Argus) — MEG Energy shareholders today approved selling the Canadian oil sands producer to larger rival Cenovus Energy, clearing the way for the merger to close by year-end. The vote in favor of the cash-and-stock deal that values MEG at about C$8.6bn ($6.2bn) brings an end to a lengthy pursuit of the oil sands company by Cenovus and Strathcona Resources. All three companies are based in Calgary, Alberta. The deal was approved by "more than 86pc of the votes," MEG board chair James McFarland said during Thursday's shareholders meeting. Two-thirds support was required for the transaction to go through. Cenovus is among the largest oil sands producers and will grow to 750,000 b/d of output in the region after acquiring MEG's 110,000 b/d Christina Lake asset. Cenovus' neighbouring Christina Lake project to the southwest is one of the biggest oil sands projects in the industry at about almost 250,000 b/d. Cenovus's overall third quarter production came in at 833,000 b/d of oil equivalent (boe/d), including production outside of the oil sands region. Cenovus executives plan to increase output at MEG's Christina Lake asset to 150,000 b/d by the end of 2028 , more than the 135,000 b/d targeted by MEG's management. Cenovus would do this by utilizing unused oil treating capacity along with adding a sixth steam generator that it has in inventory. Cenovus said it expects C$150mn in annual cost savings from the deal in the near-term, rising to C$400mn/yr in 2028 and beyond. MEG's second-largest shareholder, Strathcona Resources, put the company in play with a hostile takeover bid earlier this year before Cenovus swooped in to strike a deal. Strathcona with its 14.2pc share of MEG vowed to vote against the Cenovus-MEG deal and those votes were key with Cenovus admitting on 21 October it had come up short of the two-thirds support required. Since then, Strathcona dropped its bid and made a side deal with Cenovus to throw its support behind the proposed transaction. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Cop: Brazil calls for fossil fuel phase-out roadmap

06/11/25

Cop: Brazil calls for fossil fuel phase-out roadmap

Belem, 6 November (Argus) — Brazilian president Luiz Inacio Lula da Silva today called world leaders to draw roadmaps to "overcome dependence on fossil fuels" and reverse deforestation, during a global summit ahead of the UN Cop 30 climate talks. Lula said during his opening speech at the summit in Belem today that he is "convinced" that countries can come up with these roadmaps "despite our difficulties and contradictions". The Cop 30 talks will officially start on 10 November. Now is the time to "face reality and decide" whether the world "will have the courage and determination necessary" to accelerate the energy transition and the fight against climate change, he added. Lula said that to do so, the world must overcome the "disconnect between diplomatic circles and the real world", calling on countries, companies and individual people to put the fight against climate change at the centre of their decisions. Lula asked leaders to address the "disconnect between the geopolitical context and the climate emergency," saying that "extremist forces fabricate falsehoods [about climate change] to gain electoral advantage" and that armed conflicts take resources that should instead head towards tackling global warming. Lula called for global leaders to mobilise the resources necessary to achieve the transition away from fossil fuels and reverse deforestation. Finance — public and private — will remain a key focus at Cop 30, after some developing countries disputed a new $300bn/yr finance goal agreed last year in Baku. The Baku to Belem roadmap released yesterday charted a path towards delivering climate finance flows of $1.3 trillion/yr by 2035 for developing nations. A range of taxes, including on aviation or maritime transport, luxury goods, financial transactions and corporate and wealth taxes, could help finance that climate action, according to the roadmap. Walk the walk Some observers commended Lula for mentioning the phase-out of fossil fuels, but warned that Brazil must also walk the walk when it comes to its crude exploration targets. "Lula spoke powerfully about justice and cooperation in a divided world, highlighting the need to get rid of fossil fuels and accelerate the energy transition," Andreas Sieber, associate director at environmental NGO 350.org said. "But he cannot be both a champion of climate justice and one of the world's biggest oil expanders". Brazil produces around 4mn b/d of crude, making it one of the 10 largest producers globally. The country has plans to expand that to 5.3mn b/d by 2030, according to its energy research bureau Epe, hinging on new exploratory frontiers such as the southern Pelotas basin and the environmentally-sensitive equatorial margin. Environmental watchdog Ibama recently granted state-controlled Petrobras a license to drill a well in the latter . The granting of the license contradicts Lula's speech, according to Marcio Astrini, the executive secretary of climate umbrella group Observatorio do Clima. "What we hope, now, that the license is already a reality, is that the the [Brazilian] government will fulfill its promises of putting the proposal [to phase out fossil fuels] on the table [at Cop 30]", he added. Lula's legacy and Cop 30's credibility will hinge on whether he can actually get the phase out of fossil fuels to the negotiation tables "and follow up on his laudable ambition to accelerate the energy transition in Belem", Sieber said. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Equinor scales back renewables plan

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