Equinor ASA said it would invest $1.3 billion along with its partners in the Hammerfest LNG terminal to extend the life of the Norwegian plant and cut emissions significantly.

The company has submitted its development plan to Norway’s Ministry of Petroleum and Energy to add onshore compression and electrify the terminal. It’s aiming to have the new facilities online by 2028. 

“This is one of the largest individual emission reduction measures for decarbonization of oil and gas production in Norway,” said Equinor’s Grete Haaland, senior vice president of northern exploration and production.

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Since Russia cut nearly all its pipeline exports to Europe,...