Latest news with #AndersOpedal
Yahoo
2 days ago
- Business
- Yahoo
Equinor signs $27bn natural gas supply deal with Centrica
Equinor has signed a significant contract with Centrica to supply the UK with natural gas over the next decade, valued at approximately £20bn ($27.11bn). The deal secures the supply of 55 terawatt-hours (TWh) of natural gas per year, equivalent to around five billion cubic metres (bcm), for a ten-year period, beginning on 1 October 2025. The contract terms are based on prevailing market prices. This agreement builds on a long-standing supply relationship between Equinor and the UK, which began in 2005. Equinor president and CEO Anders Opedal said: 'I am very pleased to strengthen the energy partnership with the UK and our long-standing partner and customer Centrica. This agreement will continue to support the UK's energy security with reliable gas supplies from the Norwegian Continental Shelf. 'The flexibility that natural gas offers will play a key role in enabling further development of renewable power and decarbonisation in the UK.' Under the new contract, the annual gas volumes will account for nearly 10% of the UK's total gas demand. As of 2024, the UK imported 66.2% of its gas requirements, with 50.2% of those imports sourced from Norway. This represents an increase from 2022, when around one-third of UK gas imports came from Norway. The contract includes provisions that allow for a potential shift from natural gas to hydrogen in the future, aligning with efforts to develop the UK's hydrogen sector. Equinor's UK country manager, Alex Grant, added: 'The UK and the North Sea is a core area in our long-term ambitions to remain a supplier of reliable energy and to help decarbonise societies and industries. 'The new gas sales agreement with Centrica will be a key element in this. Energy security and decarbonisation must go hand in hand, and I am proud that Equinor is actively delivering both.' In March, Equinor began production at the Halten East field in the Norwegian Sea. The project is operated by Equinor Energy (69.5%) alongside partners Vår Energi (24.6%) and Petoro (5.9%). "Equinor signs $27bn natural gas supply deal with Centrica" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
3 days ago
- Business
- Yahoo
Equinor and Centrica Ink $27 Billion Natural Gas Supply Deal for U.K.
Equinor ASA (NYSE:EQNR) has signed a new long-term deal with U.K. energy company Centrica, worth roughly £20 billion ($27.1 billion), to supply natural gas to the U.K. over the next decade. Starting October 1, the agreement is based on current market prices and will provide about 10% of the country's annual gas needs. Despite efforts to cut back on fossil fuels, around 70% of U.K. homes still rely on gas for heating, and gas power plants contribute roughly 25% of the nation's electricity. Under the agreement, Equinor ASA (NYSE:EQNR) will deliver about 5 billion cubic meters of gas per year, compared to the U.K.'s 2024 total demand of 55.8 billion cubic meters. Equinor ASA (NYSE:EQNR) Chief Executive Anders Opedal made the following statement: 'This agreement will continue to support the U.K.'s energy security with reliable gas supplies from the Norwegian continental shelf.' This deal replaces an earlier 10-year contract between the two companies that began in 2015 and ends in 2025. Last year, the U.K. imported nearly two-thirds of its gas supply, with Norway accounting for half of those imports, especially after Russian gas exports to Europe dropped following the 2022 invasion of Ukraine. EQNR has surged by over 4% in the past month. While we acknowledge the potential of EQNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Equinor and Centrica Ink $27 Billion Natural Gas Supply Deal for U.K.
Equinor ASA (NYSE:EQNR) has signed a new long-term deal with U.K. energy company Centrica, worth roughly £20 billion ($27.1 billion), to supply natural gas to the U.K. over the next decade. Starting October 1, the agreement is based on current market prices and will provide about 10% of the country's annual gas needs. Despite efforts to cut back on fossil fuels, around 70% of U.K. homes still rely on gas for heating, and gas power plants contribute roughly 25% of the nation's electricity. Under the agreement, Equinor ASA (NYSE:EQNR) will deliver about 5 billion cubic meters of gas per year, compared to the U.K.'s 2024 total demand of 55.8 billion cubic meters. Equinor ASA (NYSE:EQNR) Chief Executive Anders Opedal made the following statement: 'This agreement will continue to support the U.K.'s energy security with reliable gas supplies from the Norwegian continental shelf.' This deal replaces an earlier 10-year contract between the two companies that began in 2015 and ends in 2025. Last year, the U.K. imported nearly two-thirds of its gas supply, with Norway accounting for half of those imports, especially after Russian gas exports to Europe dropped following the 2022 invasion of Ukraine. EQNR has surged by over 4% in the past month. While we acknowledge the potential of EQNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Sign in to access your portfolio
Western Telegraph
4 days ago
- Business
- Western Telegraph
Centrica strikes £20 billion gas supply deal with Equinor
The firms said the new deal will see Centrica take delivery of five billion cubic metres of gas per year up to 2035. Chris O'Shea, boss of Centrica, said the deal ensures an improvement in UK energy security and stressed that the business is working with the Government to build further gas storage. We are pleased to strengthen the energy partnership further through a new gas sales agreement with our longstanding customer and partner Centrica Equinor president and chief executive Anders Opedal It comes ahead of a speech from the boss of the Confederation of British Industry, who is calling on the Government to come up with a 'serious plan' to cut energy costs and invest in energy security. Rain Newton-Smith, chief executive of the business group, will say that Britain must address soaring energy tariffs as firms struggle under the weight of crippling power bills on top of tax and wage hikes, in a speech later on Thursday. Around half of all UK gas was imported from Norway last year, after a recent increase in demand following the Russian invasion of Ukraine. Centrica added that the contract will also call for natural gas sales to be replaced with hydrogen in the future. Mr O'Shea said: 'Equinor is a valued partner and this landmark agreement underscores the vital role that natural gas plays as a transition fuel as we navigate towards a low carbon energy future. 'Over the last few years, we've seen first-hand how important energy security is. 'Today's deal not only ensures the UK's energy security has improved but also paves the way for a burgeoning hydrogen market. 'The deal represents a significant investment in the UK's future, showing that Centrica will make bold investments that drive forward the energy transition while delivering value for our shareholders.' Equinor's president and chief executive Anders Opedal said: 'For nearly 50 years, we have supported the UK's energy security with reliable gas supplies. 'In addition, we have advanced offshore wind and pioneered decarbonisation solutions. 'We are pleased to strengthen the energy partnership further through a new gas sales agreement with our longstanding customer and partner Centrica.'
Washington Post
19-05-2025
- Business
- Washington Post
Developer to resume NY offshore wind project after Trump administration lifts pause
The Trump administration is allowing work on a major offshore wind project for New York to resume. The developer, the Norwegian energy company Equinor, said Monday it was told by the federal Bureau of Ocean Energy Management that the stop-work order has been lifted for the Empire Wind project, allowing construction to resume. Work has been paused since Interior Secretary Doug Burgum last month directed the Bureau of Ocean Energy Management to halt construction and review the permits. Burgum said at the time that it appeared former President Joe Biden's administration had 'rushed through' the approvals. Equinor spent seven years obtaining permits and has spent more than $2.5 billion so far on a project that was one-third complete. Equinor President and CEO Anders Opedal thanked President Donald Trump for allowing the project to move forward, saving about 1,500 construction jobs and investments in U.S. energy infrastructure. He also expressed appreciation to New York's governor, New York City's mayor, members of Congress and labor groups, as well as Norwegian officials who worked to save the project. The Norwegian government owns a majority stake in Equinor. 'We appreciate the fact that construction can now resume on Empire Wind, a project which underscores our commitment to deliver energy while supporting local economies and creating jobs,' Opedal said in a statement. New York Gov. Kathy Hochul said it took countless conversations with Equinor and White House officials, and the involvement of labor and business interests, to emphasize the project's importance and get Empire Wind back on track. Equinor is building Empire Wind south of Long Island, New York, to provide power in 2026 for more than 500,000 New York homes. 'New York's economic future is going to be powered by abundant, clean energy that helps our homes and businesses thrive. I fought to save clean energy jobs in New York — and we got it done,' Hochul said in a statement Monday. The Interior Department did not immediately respond to emails seeking comment Monday. Large offshore wind farms have been making electricity for three decades in Europe and, more recently, in Asia. But the industry has struggled to grow in the U.S. due to high costs, difficulties growing a supply chain for materials and the lengthy permitting process. Trump has prioritized fossil fuels and moved against renewable energy since returning to the White House. One of his first acts was ordering a pause of offshore wind lease sales in federal waters and the issuance of approvals, permits and loans for all wind projects. But the administration's targeting of Empire Wind, a project already underway, took that a step further. White House spokesperson Taylor Rogers said in a statement on Friday that while unleashing America's energy dominance, Trump 'paused certain wind projects that are detrimental to our beloved wildlife including birds and whales.' There are no known links between large whale deaths and ongoing offshore wind activities, according to the National Oceanic and Atmospheric Administration . While wind turbines can pose a risk to birds, wildlife conservation organizations say they support the responsible development of offshore wind because climate change is a bigger threat. Equinor said on May 9 it would be forced to abandon Empire Wind within days unless the administration relented on its order that stopped construction. Equinor was spending up to $50 million per week and had 11 vessels on standby. Equinor finalized the federal lease in March 2017, during Trump's first term. The federal government approved the construction and operations plan in February 2024. Offshore wind advocates celebrated the decision. It's a win for workers, the industry and companies in places like Louisiana, South Carolina, and Pennsylvania, helping to build projects in the Northeast, the Oceantic Network said in a statement. New York aims to obtain 70% of its electricity from renewable sources by 2030 and 9 gigawatts of offshore wind by 2035. New York is getting some wind power from the nation's first commercial-scale offshore wind farm, a 12-turbine wind farm called South Fork that opened a year ago, operated by different companies east of Montauk Point, New York. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at .
