Moving from Fossil to Low-Carbon-Business
In line with the aim of becoming a net-zero company, we will gradually decrease our oil and gas production by 20% by 2030 and will completely cease oil and gas production for energy use by 2050. We will continue to invest in the traditional Exploration & Production business until 2026 but will significantly decrease thereafter. The share of gas will increase to more than 60%, reflecting its role as a transition energy that enables the use of renewables.
At the same time, E&P will invest in geothermal energy and carbon capture and storage (CCS), leveraging existing assets and capabilities, and contribute to a more sustainable society.
In order to reduce greenhouse gas emissions, we will invest around EUR 5 bn in the development of low-carbon businesses, i.e. geothermal energy and carbon capture and storage (CCS). In geothermal energy, our extensive subsurface and surface expertise, as well as existing reservoirs and infrastructure, put us in an advantageous position to exploit the strong market growth in Europe. We expect production to reach up to 9 TWh by 2030.
We are also developing our CCS business to offset absolute emissions and for captive use. The target for 2030 is to grow to 5 mn metric tons a year. Our solar and wind power production for captive use will be expanded to at least 1 TWh and we will explore opportunities in gas and hydrogen storage solutions.
In line with our commitment to the World Bank’s “Zero routine flaring by 2030” initiative, routine flaring and the venting of associated gas from oil production will be phased out by 2030.