Uploaded July 2026 | Updated September 2026, 3 weeks ago
At the beginning of 2022, Europe was sourcing around 40% of its gas from Russia. By the end of this year, no more gas should be flowing from Russia into Europe.
Much of that shortfall has been replaced by production from the vast oil and gas fields of Norway's North Sea continental shelf. And this year, the closure of the Strait of Hormuz again highlighted the importance of Norway to Europe's resilience. But how does one of the world's largest oil and gas producers balance energy security with the race to net zero?
This week, Michael Liebreich is joined by Anders Opedal, CEO of Equinor, Norway's state-backed energy company. Having spent almost three decades at the company, Anders discusses Equinor's strategy for producing lower-emissions oil and gas while investing heavily in offshore wind, carbon capture and storage, and the technologies needed for the energy transition.
They also explore the impact of fugitive methane emissions, the realities of carbon capture, the economics of offshore wind, and why Norway believes it can continue supplying oil and gas for decades to come.
Topics covered:
• How Russia disrupted European gas supplies
• Meeting Europe's gas demand
• The Strait of Hormuz and energy prices
• Tax, financing and investment
• Equinor's partnership with Shell
• Carbon capture and storage (CCS)
• Can the UK replicate Norway's success?
• Offshore wind development
• Reducing methane emissions and gas flaring
Leadership Circle
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live
Links
• Anders Opedal’s LinkedIn: linkedin.com/in/andersopedalequinor
• Equinor: equinor.com
• Northern Lights project: equinor.com/energy/northern-lights
• Sign up to our newsletter: cleaninguppod.substack.com
• Amber Rudd on Cleaning Up: youtube.com/watch?v=MZOokwqLaRc
• Ben van Beurden on Cleaning Up: youtube.com/watch?v=jImWveH7Xn0
• Michael Lewis on Cleaning Up: youtube.com/watch?v=DOD-f6uSPgc
Acronyms
TTF: Title Transfer Facility
BTU: British Thermal Units
FID: Final Investment Decision
CCS: Carbon Capture and Storage
OGCI: Oil and Gas Climate Initiative
OGDC: Oil and Gas Decarbonisation Charter
Chapters
00:00 Intro
02:52 Anders Opedal and Equinor
07:06 Gas, Oil & Pricing
13:09 Russia's Gas Supply Drop
18:41 Price Spikes and Oilfields
25:39 Beating Decline Forecasts
30:35 Tax, Investment & The UK
38:35 Net Zero & CCS
46:37 Offshore Wind Projects
51:53 Oil & Gas Vs Wind
56:21 Methane & Flaring
01:07:00 Norway's Public Opinion
01:12:14 Outro
At the beginning of 2022, Europe was sourcing around 40% of its gas from Russia. By the end of this year, no more gas should be flowing from Russia into Europe.
Much of that shortfall has been replaced by production from the vast oil and gas fields of Norway's North Sea continental shelf. And this year, the closure of the Strait of Hormuz again highlighted the importance of Norway to Europe's resilience. But how does one of the world's largest oil and gas producers balance energy security with the race to net zero?
This week, Michael Liebreich is joined by Anders Opedal, CEO of Equinor, Norway's state-backed energy company. Having spent almost three decades at the company, Anders discusses Equinor's strategy for producing lower-emissions oil and gas while investing heavily in offshore wind, carbon capture and storage, and the technologies needed for the energy transition.
They also explore the impact of fugitive methane emissions, the realities of carbon capture, the economics of offshore wind, and why Norway believes it can continue supplying oil and gas for decades to come.
Topics covered:
• How Russia disrupted European gas supplies
• Meeting Europe's gas demand
• The Strait of Hormuz and energy prices
• Tax, financing and investment
• Equinor's partnership with Shell
• Carbon capture and storage (CCS)
• Can the UK replicate Norway's success?
• Offshore wind development
• Reducing methane emissions and gas flaring
Leadership Circle
Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live
Links
• Anders Opedal’s LinkedIn: linkedin.com/in/andersopedalequinor
• Equinor: equinor.com
• Northern Lights project: equinor.com/energy/northern-lights
• Sign up to our newsletter: cleaninguppod.substack.com
• Amber Rudd on Cleaning Up: youtube.com/watch?v=MZOokwqLaRc
• Ben van Beurden on Cleaning Up: youtube.com/watch?v=jImWveH7Xn0
• Michael Lewis on Cleaning Up: youtube.com/watch?v=DOD-f6uSPgc
Acronyms
TTF: Title Transfer Facility
BTU: British Thermal Units
FID: Final Investment Decision
CCS: Carbon Capture and Storage
OGCI: Oil and Gas Climate Initiative
OGDC: Oil and Gas Decarbonisation Charter
Chapters
00:00 Intro
02:52 Anders Opedal and Equinor
07:06 Gas, Oil & Pricing
13:09 Russia's Gas Supply Drop
18:41 Price Spikes and Oilfields
25:39 Beating Decline Forecasts
30:35 Tax, Investment & The UK
38:35 Net Zero & CCS
46:37 Offshore Wind Projects
51:53 Oil & Gas Vs Wind
56:21 Methane & Flaring
01:07:00 Norway's Public Opinion
01:12:14 Outro
