Equinor to seek exit from operating shale oil and gas assets

Equinor (EQNR -1.1%) says it expects to exit Australia, Mexico and Nicaragua while seeking to sell some of its oil and gas assets in the Americas, including its operated onshore position in Louisiana's Austin Chalk and the Terra Nova project offshore Newfoundland.
CBC News recently reported that Terra Nova operator Suncor Energy (SU +1.6%) asked the Newfoundland and Labrador provincial government to take a 15% ownership stake in the field, which the province turned down because it felt the risks were too high.
The plan is part of Equinor's strategy to exit operation of onshore unconventional oil and gas assets while instead partnering with local companies to "enjoy regional expertise and economies of scale in a way we never could as an onshore operator," executive VP of international upstream operations Al Cook says.
Equinor's strategy update focuses on accelerating its energy transition, including raising the share of investment in renewable energy and low carbon solutions from 4% in 2020 to 50%-plus by 2030.