Equinor looking to work with ONGC on various projects, says Erik Haaland

Equinor ASA, a global energy company with interests in oil and gas and renewable energy, 20,000 employees and a market capitalisation of over $95 billion, has started the process of establishing an office in India. Its international press spokesperson Erik Haaland, spoke to Ketan Vaidya about the Norway-based firm's plans for India, which include setting up of offshore wind energy options.

Where does an oil and gas major like Equinor find itself when the energy debate is now centred around clean and sustainable sources.

Equinor, since it was founded in 1972, has its roots in oil and gas interests. However, many things have changed since then. It is a publicly listed company and it operates independently. Over the last few years, we have invested in renewable energy and new energy solutions. One part of our work is producing energy and another is reducing CO2 emissions. Hence, we have established a separate area for renewable energy.

How do you support your business interests when the renewable energy prices are falling?

Historically, renewable energy has depended on subsidies, especially when there is a decrease in costs due to economies of scale. We are also working in offshore wind energy options with zero subsidies. We expect 15% to 20% investment in renewable energy. We have established a solar project in Brazil and Argentina as well.

What are your plans for India?

India has a large population and is seeing rise in prosperity. We have started the process of establishing an office in India. We will first set up a small office and then grow. We are also planning to work with ONGC (Oil and Natural Gas Corp) for a variety of projects. We also want to send our oil and gas to India and are looking at establishing offshore wind energy options in the country.

The company is also working in the area of battery storage and carbon capture.

We have been capturing carbon and saving it under the sea since 1996 in the Sleipner field in Norway. We also have the proven technology of capturing carbon from a garbage plant and cement plant and then sending it to the collection plants in Norway, thereby creating a value chain. We have a programme of connecting a wind farm to a battery system. The battery will have an algorithm where it can make decisions of when to release the energy and when to preserve it, depending on the need.

What are your thoughts on generating jobs in India in the energy space?

As an industry, the renewable space is slated to grow. In all scenarios, the energy market is slated to grow. It requires a lot of talented and competent people. New ways of technology and working are coming up. This will hopefully create jobs. We need smart people to prepare for the future. People who have a questioning and a curious mind will be in demand. India has a large educated population, which will enable this process.

At a time when crude prices are on an upswing, do you foresee more investments in the sector?

One thing is certain, we cannot control oil prices. They are always volatile. Our projects need to be sustainable. We expect investments to go up in the near future. We must not get too much trapped in the cost spiral. We shouldn't get influenced by price changes and should continue to keep the efficiency up.