Equinor admits major US failure: "This is tough reading"

Norwegian oil company Equinor should have been quicker in realizing it had lost control with its US shale venture. Moreover, overly optimistic investments led to massive losses, shows a new report commissioned by Equinor.

Muchshould have een done differently, Equinor CEO Eldar Sætre (left) concedes following a new report on the oil company's US onshore fossil fuel venture. Photo shows Sætre alongside Andres Opedal, who is set to take over as group CEO from next month. | Photo: Gwladys Fouche/Reuters/Ritzau Scanpix

An eager attempt at securing growth ended up impairing both value and control, not least considering that business oversight and expertise were sorely lacking for the administration of onshore oil extraction.

Those are a few of the main conclusions in a new report compiled by a committee on behalf of Equinor, which sought answers on what went wrong with the group's US oil venture.

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