Norway’s largest oil and gas company, Equinor, posted a record $24.3 billion in operating profit in the third quarter, driven by higher energy prices, Equinor CEO Anders Opedal said, Report informs citing TASS.
The conflict in Ukraine has changed energy markets, reduced access to energy resources and increased their prices, he said. The role of Norway and Equinor as a reliable energy supplier is now more important than ever, as the company continues to ensure stable energy production, he added.
According to the CEO, strong earnings will allow the company to increase investment in the transition to green energy, which will contribute to resilience in uncertain times.
Norway is one of the key energy suppliers to Europe. The country has increased its hydrocarbon production due to Russia’s suspension of fuel supplies to some EU countries.