Producer

Equinor ASA

Norwegian state energy company (Oslo Stock Exchange: EQNR; 67% owned by Norwegian government, HQ Stavanger; ~$150B revenue); world's 5th-largest natural gas supplier and the dominant supplier of natural gas to Europe via Norwegian North Sea pipeline infrastructure (Gassled pipeline network). Following Russia's invasion of Ukraine in February 2022 and the subsequent sanctions on Russian gas (Gazprom), Equinor became the single most important gas supplier to continental Europe — Norway replaced Russia as Europe's largest gas supplier in 2022. For industrial gas companies (Linde, Air Liquide, Air Products European operations) using natural gas for Steam Methane Reforming (SMR) hydrogen production, Equinor's Norwegian pipeline gas is the critical feedstock. Equinor also operates in the US (Marcellus shale, Gulf of Mexico), Angola, Brazil, and Canada. The Norwegian government's 67% stake means European industrial hydrogen supply depends significantly on Norwegian state energy policy decisions.

3

Inputs supplied

3

Goods downstream

2

Facilities

0

Stories

What they make

3 inputs Equinor ASA supplies

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Goods downstream

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What else they do

Business segments

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  • Norwegian Continental Shelf (North Sea Gas)

    55%
  • Norwegian Continental Shelf (Oil)

    25%
  • International Oil & Gas

    15%
  • Renewables & Low Carbon

    5%

Intelligence

What's known

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  • Did you know2023

    Equinor ASA (Stavanger, Norway) is 67% owned by the Norwegian government and earns the revenue that funds Norway's Government Pension Fund Global (GPFG) — informally called the 'Oil Fund' — which at $1.6 trillion is the world's largest sovereign wealth fund, owning on average 1.5% of every publicly traded company on Earth. The same Norwegian state company that determines the gas price and supply available to European industrial hydrogen plants also funds the world's largest index investor. When European industrial gas companies' hydrogen costs rise due to Equinor supply decisions or pricing, Equinor's revenue (and Norway's sovereign wealth fund returns) improve — while European steel, fertilizer, and chemical companies see their margins compressed. Norway's government simultaneously owns the upstream gas supplier and, through GPFG, owns significant stakes in the downstream industrial gas consumers (Linde, Air Liquide, Air Products are all in GPFG's portfolio).

    Norges Bank Investment Management
  • Concentration2022

    Norway replaced Russia as Europe's largest pipeline gas supplier in 2022, exporting 120+ Bcm to EU and Britain via 22 individual pipelines totaling 8,800+ km — an infrastructure network larger than most national highway systems. Equinor's Norwegian gas exports to Europe increased 18% YoY in Q2 2022 as Russian supplies were cut. Norwegian gas export revenues hit a record 1.4 trillion kroner ($130B) in 2022 — the single largest commodity windfall for a country that size in modern history. The Langeled pipeline (1,166 km, 25.5 Bcm/year from Norwegian fields to Easington UK) became the structural backbone of European glass furnace natural gas supply in the post-Russia era.

    Equinor