Supermajor Equinor ASA is not giving up on global natural gas and oil per se, but it is looking to give up control in Lower 48 projects and across the Americas as it optimizes the portfolio, executives said Tuesday.

During the Capital Markets Day, the executive team laid out a strategy that overall is designed to target net zero emissions by 2050. More than 50% of gross annual investments by 2030 are to be directed to renewables and low carbon investments. 

“Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns,” CEO Anders Opedal said. “We are optimizing our oil and gas portfolio to deliver even stronger cash flow and returns with reduced emissions from production, and we expect significant profitable growth within...