The Norwegian oil giant behind Rosebank oil field has announced £24billion in annual profits and a plan to cut green schemes, sparking anger from campaigners.
Equinor raked in “outrageous” earnings in 2024 equating to £45,662 every second – or about £66million per day. Eco activists said the firm had made a staggering £140billion since the cost of living crunch began, accusing them of “dining out on the energy crisis”.
The state-owned Norwegian company recently suffered a knockback after a Scots judge ruled the approval of its controversial Rosebank development off Shetland unlawful and suspended drilling plans. However, reports suggest Chancellor Rachel Reeves could green-light the field for a second time – the largest untapped reserve in the North Sea – amid her drive for economic growth.
Demonstrators gathered outside the company’s Aberdeen office yesterday to protest the “obscene” profits as well as Equinor’s plans both for Rosebank and a proposed gas-burning power station in Peterhead in partnership with SSE. The North Sea Knitters, a group of women from across Scotland opposed to fossil fuel expansion, staged a “knit in” outside the building.
Ann Collings from the North Sea Knitters said: “Equinor is clearly prioritising wealthy shareholders over a liveable planet for our children. As mothers and grandmothers, we are heartbroken.”
Freya Aitchison of Friends of the Earth Scotland said: “Seeing the obscene profits that companies like Equinor are making year after year drives home the fact that the fossil fuel industry has no real interest in a fair or fast energy transition. They exist to enrich their bosses and shareholders, while the planet burns and more and more people struggle to pay their energy bills.
“The tide is turning against fossil fuels, with Rosebank’s defeat in court and Equinor and SSE being forced to reassess the full climate impact of the new Peterhead power station.” Equinor, the UK’s largest gas supplier, also announced climate rollbacks with plans to reduce its global spend on renewables in an effort to adjust “ambitions to realities”.
Tessa Khan, executive director at Uplift, said: “Its insatiable appetite for profit means it is pushing ahead with new oil and gas projects – and scaling back plans to expand renewable energy – regardless of the climate costs and the burden this places on people already coping with extreme weather. There is next to no case for developing Equinor’s Rosebank project, which the Scottish courts ruled unlawful just last week.
“Its reserves won’t power British cars or industries – but will further line the pockets of the Norwegian government’s massive oil fund. The vast majority of Rosebank’s oil will be sold on the international market for export, doing nothing to lower energy bills.”
Caroline Simpson of Warm This Winter added: “6.5 million people in the UK are living in official fuel poverty and billpayers are spending £700 more on energy than we did since the start of the energy crisis. Today’s profits just show once again how oil and gas firms and their billionaire cheerleaders are attempting to keep us hooked on fossil fuels.”
Equinor CEO and president Anders Opedal said: “We continue to reduce emissions from our production and build profitable business in renewables and low carbon solutions towards our net zero ambition in 2050. By adapting to market situation and opportunities, we are set to create shareholder value for decades to come.”
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