A groundbreaking report from the Australasian Centre for Corporate Responsibility (ACCR) reveals that Equinor’s costly expansion into international oil and gas markets has done far more harm than good, for both the planet and the Norwegian economy.

Between 2001 and 2023, Equinor poured $103 billion into building up its international oil and gas portfolio. The result was only $2 billion in returns, an underwhelming figure for two decades of high-risk investments.

Despite Equinor claiming to have “optimised” its international investments since 2013, ACCR’s analysis shows that even post-2013 projects have lost over $1 billion in value.

Find out more about Equinor's climate wrecking international projects here.

An alternative path

The ACCR analysis shows a clear alternative: What if Equinor had chosen to pay out higher dividends instead of chasing global oil and gas growth that is wrecking the climate? Under Norwegian law, those additional dividends to the state would have gone straight into the Government Pension Fund Global (GPFG), where they would have grown significantly in value.

The difference is huge: Norway would have been $36 billion (400 billion NOK) better off. If invested in GPFG, that money could have yielded $54 billion in additional returns, which is much more than the international oil and gas investments' performance.

Projects abroad emits five times Norway’s emissions

It’s not just the financial picture that’s damning. Equinor’s international projects have already emitted greenhouse gases equal to five times Norway’s domestic emissions, and these assets are estimated to double those emissions again at the end of the century. That’s 6.3 billion tonnes of CO2 equivalents that could have been avoided if the company had focused on cleaner strategies.

Time for Accountability

This report puts pressure on Equinor as it faces growing shareholder and public demands to align with the Paris Agreement. Continuing down the current path is both environmentally reckless and economically unjustifiable.

Equinor Must Exit International Oil and Gas Projects

Equinor’s track record makes one thing clear: its international oil and gas ventures are not delivering value, financially or environmentally. From Brazil to the United States, the company is investing billions into carbon-intensive operations that are undermining both Norway’s climate commitments and global efforts to limit global warming to 1.5°C.

It’s time for Equinor to shift capital out of fossil fuel expansion and begin an orderly, just withdrawal from its international oil and gas portfolio. This includes halting exploration, ending new development, and responsibly winding down production in a way that respects workers, communities, and ecosystems. Equinor must invest instead in climate and nature friendly energy and be a part of the solution, in Norway and beyond.

Download the full report as a PDF here: The road not taken: Equinor’s alternative to international oil and gas growth

Take action with us and get involved:

‍Share this report, raise your voice, and demand that Equinor stops wasting public wealth and our common future on risky oil and gas ventures abroad. The future depends on the road we choose next. Read more here on how you can get involved and take action against Equinor's international projects.

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