Equinor unveils the largest floating wind farm in the world in Norway.

Equinor unveils the largest floating wind farm in the world in Norway.

Equinor unveils the largest floating wind farm in the world in Norway. On Wednesday, Norwegian energy company Equinor (EQNR.OL) and its partners inaugurated the world’s largest floating offshore wind farm. It will supply adjacent oil and gas platforms and reduce greenhouse gas emissions.

The Hywind Tampen wind farm, in which Equinor is partnering with other oil companies, including OMV (OMVV.VI) and Vaar Energi, which is majority-owned by ENI (ENI.MI), began producing electricity in November of last year and has now attained total output.

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Its 88 megawatts of capacity will satisfy approximately 35 percent of the annual power demand for five platforms at the North Sea’s Snorre and Gullfaks oil and gas fields, approximately 140 kilometers (87 miles) west of Norway.

“In Norway, we have a defined goal to reduce CO2 emissions by 50 percent by 2030… To accomplish this, we require power, said Kjetil Hove, director of exploration and production for Equinor in Norway, to Reuters onboard the platform.

“It is also about establishing a new industry crucial for generating more energy in Norway.”

In 2022, the Hywind Tampen wind farm is anticipated to reduce CO2 (CO2) emissions by 200,000 tonnes annually, or 0.4% of Norway’s total CO2 emissions.

Some environmentalists view the action as positive because it reduces CO2 emissions, while others believe Norway should cease oil and gas production instead.

Prime Minister Jonas Gahr Stoere referred to the inauguration as a “historic day” and stated that the initiative would help Norway reduce its CO2 emissions and that abruptly ending oil and gas production was not the solution to the energy transition.

“The world will continue to require petrol and oil during this transition period. This is not a dividing line between days. “We must, therefore, reduce our environmental impact,” Stoere told Reuters.

Equinor intends to develop Hywind Tampen, which consists of 11 wind turbines affixed to a floating base anchored to the sea floor instead of being fixed to the ocean bed. Experts say This novel technology is suitable for use in deeper waters offshore.

Due to raw material delays, quality issues, inflation, and currency effects, Hywind Tampen’s costs have increased from an initial estimate of 5.2 billion crowns ($491 million) in 2020 to 7.4 billion crowns.

Nevertheless, an anticipated increase in Norwegian CO2 taxation and higher petrol prices had a favorable impact on the project’s financing, which also received nearly 2,9 billion crowns in subsidies, according to Equinor.

Norway aims for 30 gigawatts of offshore wind power by 2040, double the country’s power output. This autumn, the government is soliciting proposals for its first commercial wind farms, including three floating ones.

Wintershall Dea is majority-owned by BASF (BASFn.DE), INPEX Idemitsu (1605.T), and Norway’s Petoro are Equinor’s other project partners.

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