The Johan Sverdrup oil field in the North Sea, operated by Equinor, is the third-largest oil field on the Norwegian continental shelf, with 2.7 billion barrels of oil equivalent. Equinor is planning to cut the carbon-intensity of energy products it sells by at least 50% as part of the energy transition related to climate change.

CARINA JOHANSEN | AFP | Getty Images

Energy transition has climbed towards the top of the agenda in the boardrooms of the world’s largest oil and gas companies. With electrification and renewable energy on the rise, Big Oil is striving to adapt to a transformation that could eventually render their business obsolete if they don’t latch on to the opportunities it brings. The result could be a massive sell-off of assets as the biggest petroleum players concentrate their oil and gas production to the countries where oil and gas is cheapest and easiest to produce.

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