In all forward-looking scenarios, the industry will need to provide more energy, with a lower carbon footprint. The pace of the energy transition will be dictated by a number of drivers, such as electrification, efficiency gains, low-emission fuels and accelerated cost reductions of renewables.

Still, demand for oil and gas is expected to grow over the next decade, although not as fast as the expected growth in renewable energy.

Over the next decade we will develop a more balanced portfolio of products and technologies that either generate renewable energy or remove or substantially reduce CO2 emissions.

Ambitious Targets

Our ambitions are high. In our enterprise strategy, we have set out ambitious energy transition targets.

Growth
By 2025, the company’s objective is that one third of the revenue should come from low-carbon oil and gas projects or from renewable energy business. By 2030, the objective is that this will count for two thirds of the revenue.

Reducing Emissions
It is also important that our own business and value chain with thousands of suppliers are sustainable. Our objective is to reduce CO2 emissions from our own operations by 50 percent by 2030, based on our 2019 emissions. By 2050, our ambition is to become a net-zero company. 

Strategic Direction

We have defined four strategic focus areas to deliver on our ambitions.

Oil and Gas
Firstly, we will build on our position and footprint in the oil and gas market, targeting projects that will support our clients in their efforts to reduce their environmental footprint.

Renewables
Secondly, we will leverage our core capabilities to grow in selected renewable markets.

Engineering Consultancy
Thirdly, our ambition is to build an engineering consulting service to support the energy transition.

Data-Driven Services
Finally, together with our collaboration partners, we will explore and develop data-driven services built on top of our domain competence and develop new digitally powered services.

The key enablers to meet our ambitions are investing in our people and competences, ensuring safe and sustainable operations, as well as seeking new and more efficient ways of working through the application of digital tools and solutions.