Global Supplier Day 2026

Aug 26, 2026

Summary

Capital allocation for 2026–2030 prioritizes the NCS, while production ambitions call for 1.3 million barrels per day by 2035 and 30% international growth by 2030. Faster, lower-cost delivery relies on standardized work, technology and closer supplier collaboration.

Welcome to Equinor's 2026 Global Supplier Day. My name is Kristina Helland-Hansen, and I am Head of Procurement for Wells, and I will be your moderator today. Every year on Supplier Day, Equinor welcomes suppliers and interested stakeholders to gather and discuss relevant topics in the industry. This covers existing and future suppliers. Today, we are streaming live from our premises in Stavanger, which means we have people attending also virtually. However, before we proceed, some practicalities with regards to those present at this venue today. There we go, a map. In an emergency, an alarm will be activated or a spoken warning will be given to the speakers. Please follow the instructions and leave the premises. Emergency exits are marked with green exit signs, as you see on both sides here, and the assembly point if an emergency occurs, will be in the front of the main entrance. M1 on this map. There is elevator access to the second floor. In the event of an evacuation from the second floor, dedicated PSS personnel will assist people with disabilities and ensure their secure evacuation from the building. First aid equipment and defibrillator are located at the reception of the Stavanger Forum. There are no planned fire drills nor emergency evacuation tests, so if we hear an alarm, please we should then evacuate. Smoking is only permitted outside. The theme of this year's Equinor Global Supplier Day is safe, reliable energy every year. We all feel the challenging context and the need for reliable energy supply is key, both for our people in Europe but also globally. During the next hour, we will cover how we have responded in Equinor by launching our new strategy and how we have sharpened and expanded our future portfolio opportunities through the NCS 2035 project. We also need to face and tackle key challenges together, fast-track our subsea portfolio and deliver value through innovation, scale, standardization and technology. To discuss these topics, we are joined today by Chief Procurement Officer, Jannicke Nilsson, Senior Vice President of the new business area, Projects & Subsea, Gunnar Nakken, and our Senior Vice President for Technology, Digital & Innovation, Arne Gürtner. We will use Slido through the session, so submit your questions through this. Either you could scan this QR code, or you could log in to slido.com and enter the event code ESD26. We will pick as many questions as possible during the Q&A. Try to be specific on who you want to answer your question. There will also be microphones available here in the audience, and then you just need to raise your hand. I hope you all got the QR code now. I will also show it at the end. Before welcoming our speakers on the stage, we will start with a safety moment. In February every year, the annual reports from Norway's intelligence and security service are published. One of the most significant risks facing our industry is the possibility of unauthorized access to critical safety systems. A key message from the 2026 report is that Norway is actually facing the most serious security situation since World War II, and states that the attacks on critical infrastructure are likely. The energy sector continues to be a potential target, and for the first time, supply chains are explicitly highlighted as a potential weak link. A cyberattack on a critical supplier like you can quickly become an operational issue for Equinor. We have had some incidents the last years where we have learned a lot. I want to share the key learnings with you. The importance of supplier cyber resilience, strong business continuity plans, clear communication channels, and the ability to maintain operations even when a critical supplier is disrupted. If your company were hit by a cyberattack today, how quickly could you continue to support Equinor's operations? Think about that. Building a security culture is actually a collective effort. Equinor's my security actions can be summarized in three simple behaviors. First, we expect everyone to speak up when something seems wrong or suspicious. See something, say something. Second, be aware of what information you handle and how you handle it. Protect our information. Third, stay alert to social engineering attempts and ensure both physical and digital access control are followed. Prevent unauthorized access. Equinor relies on all of our suppliers to work systematically with security within your own organizations and also across the value chain. Train on this together. By working together and keeping security high on the agenda, we can help ensure that our people, our operations, and our assets remain safe and secure every day. We are ready for our first speaker. Please welcome Chief Procurement Officer, Jannicke Nilsson. Thank you, Kristina. It is so great to be here. I must say I have been really looking forward to this part of the ONS. Just a couple of reflection back to the video. Really makes me proud looking into what we together have been able to achieve. We have done a lot of new stuff together, but we also operated and done a lot of maintenance together on existing installation. We have done all this while we have improved on safety. I would like to use this opportunity to all of you in the room, but also, of course, to all of you on the screen. Thank you for the effort and all you have done together with Equinor. Being here at the ONS has been quite interesting, I would say. It is so much positive energy, and that is good. I must say I am missing a little bit the sense of urgency. I hope that you also feel that when you are around. How can we utilize all this positive energy to really think new? That is kind of part of our message here today. We have a fantastic portfolio, and we will go a little bit deeper into it. Together, we need all kind of smart ideas so that we can work differently to sanction the portfolio and continue the annual production for a long time. In June, we shared our updated strategy. It is about providing reliable energy to a world in transition. What does that actually mean? Of course, it means that we will continue to develop the NCS, building our strong standing here, being the largest energy provider to Europe, delivering energy with a low emission. But it also means that providing it is about providing energy to the world, but it is also about the ripple effect, providing work for a lot of people, a lot of companies, activities in local communities, and the progress for society. Reliable energy, what is that? It is, of course, safe and reliable supplies from the Norwegian Continental Shelf, from our international portfolio. But it is also about being able to deliver and develop even more broader energy offering because the world is in a constant change, and we need to be prepared for the future. Then we do have a world in transition. With that, there are kind of four key elements that we put into our strategy. It is the geopolitical volatility, it is the mature resource base that we have, then it is technology, including the AI, and then it is the uneven energy transition that we see. Based on that, we feel it is very important to also have a more flexible approach for the future. We have these three main areas. It is about really developing the NCS. Gunnar will come back to that more in detail. But it is not a lot of new greenfield in the project portfolio. It is more about how can we actually sanction smaller fields and do a lot more times. In the international portfolio, we have sort of assumed the portfolio in nine countries right now. We have farmed down to have a much stronger portfolio, and we believe this is an area where we will be able to grow. Then we are building an integrated power business, and that will be important now, where it is possible to have a more broad energy offering, but also, of course, for the future that we are able to deliver more not hydrocarbon energy. In the capital market this year, we guided how do we spend our money. So we have guided that 60% will be allocated to NCS, including then the onshore plans, and 30% oil and gas international, and 10% to the power. This is giving a good predictability. We have guided in the period 2026 to 2030. So in this period, this is how we will spend kind of our money and also giving sort of a signal of where we will have the most of the activity. Across our portfolio, we continue to focus on the always safe, high value, and low carbon. On the left side of the slide, you see the development on our serious incident frequency. Over many years, together, we have improved our safety performance, oops, fantastically. I do not know what has happened there. But I think if you look back year by year, we have taken important steps to make sure our people are safe and secure every day. We do need to continue to improve on our safety performance. But also, as Kristina alluded to, we need to also strengthen our security culture. In the middle of the slide, you see our production ambition, and they should be very clear. It is the 1.3 million barrels on the Norwegian Continental Shelf up to 2035. On the international portfolio, we plan a 30% growth up to 950,000 of barrel in 2030. To deliver the growth and also enable the transition, cost and productivity trends must be reversed. I have included two curves here. I could have included a lot. This curve is showing that the operation costs have gone up with 60%, and our engineering hours have been up with 140%. I could have shown many other curves. Together, we do need to find out how we can work differently, so that we are able to sanction a very important portfolio. We do need radical new ideas from you and also from Equinor so that we are able, in a way, to sanction an important portfolio, whether it is oil and gas in Norway, oil and gas international, or renewable portfolio or the power portfolio. I think we need to have this mindset that together we can make the impossible possible. Some of you may be interested in the power portfolio that we have, and we do have quite a strong portfolio. As for oil and gas, cost reduction are needed in order to sanction the opportunity space that we have shown on this slide. The pace of the energy transition has changed, and we believe that the systems will require even more flexible and more market-based solution. That is also why we have changed the way we have organized within Equinor. We have the power segment where we are looking into both wind and solar and batteries and also CCGTs, because we do believe a flexible solution is needed for the future. Again, here, the new solutions, we need your help to find them. Within offshore wind, in the middle of this slide on top here, you can see the Baltic, Dogger Bank, and Empire Wind, three huge projects that are been in execution for a period. Most of this field will now move into a new phase, being in operations, meaning that we need to handle also quite efficient the way we operate, not only how we develop. So what about the international portfolio? We have the 30% growth ambition up to 2030. Here, a lot of our major projects are driving this growth. 90% of the reserves for 2030 is already covered of project that we have sanctions that are in execution. In Brazil, we have the Bacalhau started production back in October, and Raia is definitely on track. We aim to start that production in 2028. The project is quite advanced. The FPSO is 80% completed. The gas export pipeline has been installed, and the drillings operation is ongoing. In the U.K., we are building scale with the Adura. That is the joint venture that we have together with Shell. Rosebank are planned to be on stream, 2026, 2027. Norway, we will of course do exploration with Gunnar. We will come back to. We will also do exploration international. We plan two to four wells for each year. We will focus along the Atlantic margin. In Brazil, for example, we have two very interesting wells. Jasper, that is close to Raia, our own field. Then we have Tumulino that is close to BP discovery, the Bumerangue. In Angola, we have taken strategic position with the 80 new exploration license, and we are maturing high potential opportunities in Angola and some other countries. Alongside the exploration opportunities and what is already sanctioned, we also have greenfield projects. We have the Bay du Nord in Canada. Also in parallel in Norway, we have the Wisting. The reason why I am, in a way, mixing in the Norwegian Wisting here is that with the two new greenfield projects that are not sanctioned, we are working very systematic now to try to reduce the cost because the cost for both these projects needs to be reduced in order for us to sanction them. We hope that that will be possible to do quite soon for us. If you have not understood it yet, we definitely believe it is a great potential on the Norwegian Continental Shelf and international portfolio, whether it is oil and gas or renewable. We do need all of you, all good, new, radical ideas. We need a stronger collaboration, even more openness, even more challenging each other so that together we will find good solutions. We need to work differently in Equinor, and we need to work differently with all our suppliers. Gunnar Arne will share some ideas on how to work differently. I believe that together we can make the impossible possible, realizing a huge portfolio so that we together can deliver safe, reliable energy every day to Europe and other parts of the world. Thank you. Thank you, Jannicke, for sharing our updated strategy, your views on the changing context, and also our portfolio and what it takes to still be a reliable energy supplier. Next, we will invite Gunnar Nakken, Senior Vice President for Projects and Subsea, to the stage to talk about the way we will develop the NCS to maximize value and our subsea project portfolio that will help us get there. Welcome, Gunnar. Thank you, Kristina. Good to see you all. I will talk about how we are going to work to develop and maximize value on the NCS to realize the ambition that Jannicke also explained, delivering 1.3 million barrels per day in 2035. As you see in the middle of this slide, to do that represent a substantial volume of activities. Due to the maturity of NCS, smaller discoveries, and also the cost level increased significantly the last years, this is not sanctionable, not profitable if we continue delivering as we have done so far. Here we need radically new ways of working. I think first and foremost, Jannicke, as you also said, internally in Equinor, then also, of course, together with our suppliers and all our other stakeholders. Because doing this within the timeframe we are talking about here, that means a radical shift, increase in productivity, cost, speed, and so on. This is a huge change. The volume, significant 900 wells to be drilled within IOGR and projects. We are talking about 75 tieback projects towards 2035, 250 modifications per year, and a significant decom scope also coming towards us, 8 installations, 200 P&As towards 2035. There is enough for everyone, I think. The clue here is actually to make it profitable and sanctionable. Even the size of the discoveries are small. This basin represent actually a world-class of opportunities on the NCS consisting of IOGR, exploration, and tieback projects. Within IOGR, we have identified around 230 projects, representing approximately 1 billion barrels recoverable resources. These are a lot of projects with low, very low break even, but also very short payback time and a significant value that we will create around existing infrastructure. Then we also need to fill our project pipeline. Here we have mapped around 200 exploration prospects containing also more than 1 billion barrels recoverable resources. We expect to identify even 200 more. Out of this, we have established our exploration ambition of around 250 exploration wells towards 2035. Then looking into the third element, our tieback portfolio consists today of around 65 tieback projects also with about 1 billion barrels of recoverable resources. We will high grade and optimize and expand this portfolio further through our exploration activity. Through this also sustain a delivery pace between 6 and 8 tiebacks per year. As you see on the right-hand side here, through the next 18 months, our plan is to sanction 21 tieback projects across 3 waves of projects. This will add around 500 million barrels of resources to Equinor. That is roughly similar to 2 Johan Castberg fields, actually, for Equinor in 18 months. It is not the big elephants anymore. It is many small, but it is comparable volumes and also investments we are talking about. What do we mean when we talk about radical new ways of working internally and in the industry? First of all, we have established a very clear ambition where we need to be in 2035. Here comes the from 2 to 3 project per year, up to 6 to 8, 300% increase in productivity, and also reducing cost and time with 50%. Sounds very ambitious, and it is, but this is what we need to make the projects profitable and sanctionable. That is one element, but this is actually also what we need to do to lift the performance into top quartile when it comes to subsea tieback project performance. Why shouldn't we? I mean, with this portfolio, with you guys, all the competence in this industry, and also internally in the company, and the expertise and experience we have on NCS, definitely, we need to deliver this in top quartile. That is actually what we are talking about. Then we have on the bullet points there, redefined the way we work, or shall work to develop project like this. We have redrawn our work processes, down to all small details, and also radically revised our decision processes. This we have done to reduce interfaces, simplify, increase flow, speed, and so on. So a huge change in itself, and everything implemented already in our governing system. Another key change is converting from internal technical requirement in Equinor to industry standards and simplify and standardize our concepts. This is a main key, I think, both to reduce lead time in our projects, but also cost in our supply chain. There is also another very important element in this, and that is that we will reduce the technical risk in our project by standardizing our components in the projects. This gives us the possibility to change components between project if we have a change or have to stop a project. This is also a very important element of standardization and why we are focusing a lot on that. We have also consolidated our marine activity in my unit. This is to drive synergies across the whole portfolio, and optimize our vessel activity significantly. Finally, by standardization, we are also able to aggregate our demand of components on a portfolio basis. So we collect the demand for all single projects into different components, and by that, we can increase volume of components significantly and move to the market in a completely new way. This also opens the possibility to create much better predictability for our suppliers and also the possibility to optimize the whole value chain in the industry. All these bullet points, I think, represent radical changes for many of us. I will end my presentation to give you some more details on what we have done on changing from Equinor technical requirements to industry standards. During the last six months, we have actually removed our technical requirements, and this is, of course, 50 years of experience. A lot of important experience written in technical requirements in Equinor, but we have now removed them through a very systematic process driven by our professional ladder. We are only keeping requirements that is important for safety or are contributing to reduce cost as an overlay to the industry standards. This was in place in May this year. It has reduced the number of requirements with 90%. We have 40,000 requirements, internal requirements, and it's reduced now to 4,000. What we call standard supplements, ST-As, as overlays to the industry standards. We have an ambition to go all the way on this slide to the right and remove these supplements and fully use the industry standards the next years. The main opportunity we now explore together with our suppliers is actually to optimize our standard catalog of subsea equipment and align this with the industry standards and the minimum of needed overlays. We also need to invest a lot as we see it in competence building in this area. Realize that even we have established the structure in our governing systems and so on, they are in place. But it's also a huge effort to change the culture and also the understanding of this, both internally and with our suppliers. So I hope you see that we have had a lot of efforts the last year in the NCS 2035 project, changing our operating model and the way we work. Hopefully you also see this as a good foundation for new ways of working in the industry to realize and maximize the value on NCS. I know we need a really strong collaboration and integration with our suppliers, with our partners, with authorities, and other stakeholders to succeed on this journey. I must say, so far, really engaged and energized by seeing the response from you the last months, but also meeting with suppliers and all the stakeholders here on ONS. Everyone really forward-leaning and really interested to be part of this journey. I am really optimistic when it comes to way forward and delivering on this ambition. Then I think it is time to move to the next deep dive, technology, which is also, of course, an important part to realize the ambition. Thank you. Thank you so much, Gunnar. What an important message, and what an opportunity set we have together, and also challenges that we need to solve together with all of you. Now we are really looking forward to hearing from our Senior Vice President for Technology, Arne Gürtner, on how we can deliver value through technology. Stage is yours, Arne. Thank you, Kristina. I am delighted to be here with you this afternoon. Gunnar just shared the enormous amount of opportunity on the Norwegian Continental Shelf, but also the transformation required to deliver on our ambitious goals. We need to find more, we need to develop faster, recover more from existing fields, and all of that at lower cost. Technology is not separate from that agenda. It is indeed a very integral part of it. Remember, not a single barrel is found, developed, and produced without technology being involved. We know that. The next chapter of the NCS will really require an even stronger technology muscle combining our experience, subsurface experience, our operational excellence, our data, and the capabilities of all of you, our suppliers. Let me show you how this may look like. Every second, our operations create new information and new data. More than 85 billion data points flow into our systems every day, combined with decades of operational experience and rich collections of subsurface competence and knowledge. Data alone does not create value. Value is created when data becomes insight, when insights become better decisions. We are using advanced seismic technology and AI to look again at things we already thought we knew. We are connecting facilities, equipment, and people through integrated operations. We are using digital twins, industrial AI, and increasingly autonomous workflows to transform how we discover, develop, and operate. Together with you, our suppliers, our partners, we are turning technology into safer operations, better productivity, and lower costs, and more competitive projects. That is how we extend the longevity on the NCS, and that is also how we grow internationally. Let me show you some glimpse of what that may look like. I will start below the surface. This is DELI, our deep learning solution for seismic interpretation. Traditionally, interpreting big seismic models could take weeks and months. Now, DELI solves part of this workflow in days and hours. That does not mean that we are replacing our geoscientists, but it means that we are giving them stronger tools to work with. Artificial intelligence, in this respect, can help us identify new possibilities and work on data which are ungraspable by humans. Since 2024, this unique combination of data leading subsurface competence at Equinor and technology has also contributed to 27 recent discoveries. That is, of course, particularly important on the NCS. This means that some opportunities that were previously too uncertain, too small, too expensive to pursue may become opportunities to progress when we can investigate them, reinterpret them, and move them on to the funnel much quicker. Finding an opportunity is only the beginning, of course. We then have to identify the best way to develop it. Traditionally, expert teams have planned wells and the concepts with a few numbers and compared them. That is where we see that there may be more outcome. The outcome space is bigger. There may be thousands, even millions of outcomes. That is where AIM, our AI solution for maturation, helps to change the way we work. Instead of assessing only a handful of options, AIM generates and evaluates the broader solution space. It brings data, engineering constraints, and economic variables all together and allowing experts really to compare far more alternatives altogether. The technology is already being used across the Equinor portfolio, all our projects, but also, I am glad to say, on a few partner-operated projects. AI can help find new opportunities, design better wells, but the real test comes when the drill bit is turning. So NCS, we heard it, means more exploration, more tiebacks, more recovery from existing fields. That also requires us to make better decisions while we operate, while we drill, and not weeks afterwards. Today, we are increasingly combining seismic pictures with measurements directly from the wellbore. Technologies such as real-time fluid identification tell us if we are approaching gas, water, or oil, and we can feed back that into the drilling process. We can also understand more about the rock formations and bring that data in and combining all these measurements with comparing back to our geological models, apply data science on top of that. We just get a much, much better picture. The result of that is, of course, better well placement, reduced uncertainty, and more value from every single well we drill. Once an asset is producing, the opportunity shifts from finding value to protecting and maximizing it throughout the entire lifetime. Across our integrated operation center, I said 85 billion data points daily. That means 25,000 sensors across 35 installations, continuously monitoring equipment and process conditions. The challenge is not really collecting the data any longer, but the challenge is to recognize what is in that data and act early enough. One example of that in our portfolio is what we call Omnia Prevent. It uses machine learning and AI solutions to monitor critical equipment and identify deviations before they lead to failures. That gives our operations crew and team time to investigate, plan, and do the right intervention ahead of failures and prevent losses. That is, of course, a fundamental shift from calendar-based maintenance methods which the industry knows well. That delivers lower cost, higher value in our operations. When we operate or when we scale that across equipment, across our operation, small adjustments lead to enormous value creation. Technology has always been very, very central to Equinor's success. The industry has repeatedly solved challenges we didn't think we could solve. Technology was an enabler then, and technology will continue to be an enabler for the future as well. But we need to be disciplined. We are not developing technology for technology's sake. We are targeting the opportunities where we think we can create the biggest value, the biggest impact, and improve our competitiveness in operations and in our projects. Of course, AI will increasingly be integrated across the full value chain from subsurface to trading. This will change tasks and ways of working, but technology rarely removes the need for good people, good competence, good collaboration. That reminds me of the famous, and contrary to the famous song title, video did not kill the radio star. That is exactly how I see this industry also pursuing its opportunities going forward. The winning combination will, of course, be technology, deep domain insight, and develop that together with industrial execution muscles. Many of the things that technologies approaches we take in Equinor, we have developed with suppliers, partners, research communities, and even startups. We bring decades of operational experience, petabytes of structured data, and we have an ambitious growth strategy in our company. Now I will invite Jannicke back to share how we can maximize that value together. Thank you so much. Thank you, Arne. Then it's no voice on here. Just one last slide from me, and I hope you understand it's a huge opportunity set out there. We strongly believe that we need to change in Equinor, but we also need a stronger collaboration with all of you. All these radical changes we can't do alone. We need support from you. We need you to challenge us. So I would like to highlight three sort of expectations. The first one I know it goes without saying, always prioritizing safety, security, and sustainability in everything we do so that we make sure our people, the asset, and the environment are safe. Then we talked about it, all of us, simplification, standardization, repeat, and scale. We do need to simplify the way we work in Equinor together with you so that we together can increase the productivity. We will move from, as Gunnar already shared, away from the Equinor technical standard towards industrial standard. We also need help from you to help us to see what is the big step, the next step that we need to take. By this simplification and standardization, we will improve the commercial availability, the lead time, and also we believe improve the safety if we are able to industrialize even more. But in order to scale, we also need to have better long-term plan from Equinor working together with you. It is more predictability in what is coming next year and then year after. We need all of you to bring good ideas, radical ideas. See how you work differently with others. Bring that to us. Ideas that no one have listened to. Bring them back to us so that we can discuss it. Identify barriers, and please help us together to see how we can move this forward. We have done fantastic stuff together historically. A lot of complex project, complex task. This time we are actually asking you to help us to simplify and standardize, and by that, changing the portfolio so that we can sanction it together. This middle part, I will spend a little more time on that than the first and second. Of course, we understand that the simplification, standardization, making it possible to repeat and scale. That is the big cultural change in Equinor. So we do understand that, but we also believe that we can do it, and we also believe there is a culture change that we need help and support from all of you, so that together we can simplify and standardize, and by that, be able to repeat and scale. The last part is about enhancing the performance and promote competition. We will strengthen our performance follow-up in Equinor, and we will also look differently to how we reward the outcome. We do believe that high performance should be better than not high performance. You should see it back in related to what you earn. So where it is possible, we should not look to the hour spent or the equipment used, but what is good productivity and how can we make sure it is a win-win situation. We do believe also that healthy competition remains essential in order to drive innovation, efficiency, and also the value. I hope that we together will be able, and I do believe also that together we will be able to improve the productivity, and also reduce the cost together. So the opportunities ahead is, I find it very interesting. I really look forward to the journey ahead. I hope that you do as well. If we combine the Equinor portfolio with all of your experience, all the global experience, and all the ideas that are out there, I am sure we will unlock the next level of performance so that we can do more on oil and gas in Norway, international, and also more within the power segment. By improving the performance together, we will then be able to deliver reliable energy every day together. I hope when we meet next year, we see that together we have been able to make the impossible possible. But now it is time for Q&A. I hope there are some questions. We will open for that, so I invite the rest of my team up. Thank you so much, and thank you for your presentations. As Jannicke said, it is time to engage with you all. We will have the QR code up here again, so scan, put in the code, put in your question, and direct it to who. It was really nice if you put in the name in front of the question. We also have microphones in the audience, so then you just raise your hand, and we have two people helping out with the microphones. I have one question in front of here, but I will start with one that came in here before, and then you can get the microphone. Jannicke, how do you foresee that the frame conditions will change going forward? Big question, frame condition. What we do see is that the world needs more energy, and whether it is Norway or international, we work very systematically also to make sure that there are predictable frame conditions to continue to develop what we have planned for the oil and gas in Norway and international power. It also is up to us to make sure that there are predictable conditions for all of our suppliers. That you are able to understand, in a way, the scope. That you are able, in a way, together with us, make sure that it is a minimum scope, not a maximum scope. That we can drive down or increase our productivity, and by that, reducing the cost. It is something we hope that you will see a change, that we can create more predictability also for all our suppliers. Thank you, Jannicke. Then we have your question here. Please introduce yourself. Yes. Thank you. My name is Håvard Sletvold. I am the CTO of Axess Group. My question is directed towards the change of going from technical requirements, TRs, in Equinor and over to more global recognized standards, which are present in the industry today in a vast amount. We have APIs, ASTM, ASME, ISOs, EN, and even national ones, NS, which are not recognized as EN, so this is a very comprehensive landscape to navigate in. From my point and from the integrity point of view in Axess, we liked the TRs quite much because they were actually simplifying this jungle of international standards that have been present for a long time and, of course, still will be in the future. That is one thing. If you can give some thoughts about how you came to this decision, because I assume you have had the same discussions in Equinor as well. Secondly, I think a very important one for the whole audience here is, for future modifications on your assets, how do you foresee modifications are to follow the new standards? Because the original build is according to TR. Will the modification project follow the new industry standard strategy you have? Or when you modify on something built on a TR, how does that impact the modification projects? Thank you. Good questions, and I guess maybe you, Gunnar, would like to start on that? I suppose so, but you can if you want. Anyway. No, thank you. I think you are spot on with a lot of your points and your concerns as well. I think we have discussed them, we've seen them. But in a way, where we came from was that our technical requirements over time have grown kind of, not out of control, because they have been placed there for a reason in the beginning. But what we experience is that they have been driving cost and lead time and complicating our projects significantly as a main or at least an important element of the cost development in our project. So I think that's the driver for why we wanted to do something with this. We piloted this in FLX on top side scope. Got some good experience on that, and based on that and other input, we decided to do this larger initiative. What we realize now is we are left with 10%, and now we have started workshops with our suppliers to discuss how to optimize from that point. We get a lot of questions to handle when we do that. For instance, these requirements, they are so integrated now in the industry, also with sub-suppliers in the whole value chain, that we cannot just change overnight. That introduces a lot of risk, safety, cost, and so on. We need to be smart together on the way forward. I think also to your point, when it comes to all the different standards and committees and whatever is out there, I think also we need to improve our engagement and also management attention to these committees, so we understand the consequence of what goes in and out of the standards. I think we acknowledge it's a long journey going forward. We need to be smart, and we need to do it together with the industry from now on. Thank you. We got a quest. Did you want to add anything? I could add that it's not pouring out the baby with the bathwater. It is retaining a lot of the information which are contained or were contained in technical requirements. They are now in our, what we call, GLs guidelines documents and help our engineers and the supply chain to navigate the standard space. It's retained, but it's very clear that we reduce our own requirements to bare minimum, and the future, I think we need to integrate even more with the standards. Okay. Go ahead, Jannicke. Just add on the modification, we had this question earlier today also in a meeting. If it's an old installation, there was an old technical requirement, that's natural to have that discussion to continue with that. We also had that in a meeting earlier today, that that could be actually more expensive compared to finding new solution. So that will depend on where you are. I think and I hope that you understand that if you see better solution that's cheaper, bring it up and let's discuss it. Don't, in a way, only look at what we have done or if it's an SDS or an international standard. If you have even better idea, bring it to the table. In general, we have got so much feedback the last years on the technical requirement that that's driving cost in general, and that's why we have done all this work that Gunnar and the team have been in the driving seat for. It's based on feedback from the suppliers. You need to get rid of your technical requirement. Now we kind of have done it, and then lately it's a lot of you shouldn't have done it, in a way. I think this will be good in the long run, and please bring good ideas to the table. Thank you. Then we have a question submitted on Slido to you, Arne. How do you fully remote and autonomous operation play into the future for Equinor as a means to increase safety and reduce cost? Autonomous operations are not necessarily a goal in itself. It is looking at does it create value or not, is it introducing more complexity or not? On the other angle of safe operations, we prefer the pyramid thinking there, and if we can design ourselves out with smart solutions and technology out of putting people at risk, then we will continue to do that. I think that is something we have proven previously, red zone management and so forth, and it is something we will continue to do. Also autonomous systems for inspection and so forth and trying to address safety, but at the same time address productivity, and less rigging and less risk exposure. Thank you, Arne. I do not see any more hands, so I will take one from the Slido. Jannicke, you stated that 10% of our investments will go into power. How much of that do you expect to invest in offshore wind, and do you plan to expand your offshore wind opportunity pipeline in the future? 10% is for the whole power portfolio, including the lithium, which is in the TDI organization. In a way, the different project will be competing on whether the next project we sanction will be offshore wind, onshore wind or solar or a new CCGT. There are no plans that we will share today. We will be interesting in all those areas. Then it is back to where are we able, in a way, to make sure that we are reducing the cost so that this project is actually giving return. I think we all understand that the world need more energy, more green energy in the long run. But we do also need to create some profit so that we can invest in other kind of projects. Hopefully there will be more of all areas. But in this period where we have guided on the 10%, you all understand then we do less on some activity. But then all the capital heavy investment is kind of behind us very soon now, meaning that it is possible also to win to new project. But we have not a timeline that we can share on offshore wind or onshore wind. Okay. We have time for one more question. I know you are ready also to engage in the breakout rooms and outside. Gunnar, for modification and repair and other projects, will Equinor still use the stage gate, decision gate model to ensure project maturity at the decision gates? How does Equinor ensure project maturity while speeding up the projects? Mm-hmm. Yeah, that is a good question, and I touched a little bit upon it in the presentation. As I said, we have radically changed a lot of work processes, and also our decision process. We have still a stage gate process, but we have reduced from five to three decision gates in our projects on NCS, with a concept freeze on DG0 and final investment decision on DG2. That is the new decision process. We have named it DG0 and DG2 intentionally. A lot of people ask, "Why did you call it DG2 on FID and not DG3 as before?" We did it due to this is something really new, and we need to change culture and thinking around that. That is also an important reason why we did it. We will basically follow that simplified decision process on NCS. If the complexity is high, if there are elements that we need to handle more carefully, we still have kept the old one, and will use it in cases like that. Okay. Is the sound on? Yeah. I have invited you all on this, and Kristina will soon give some closing remarks and some practicality. I would like you all to give a big hand also to Kristina for being the moderator of today. Thank you, Kristina. Thank you. Thank you so much. You had more questions coming in, so please grab Jannicke, Gunnar, and Arne out in the mingling area. We are also coming to an end of the plenum session, and it is time to move on to the next part. I just want to say thank you to our online viewers. Thanks for joining us virtually today. I hope that you found this event both informative and engaging. Thank you very much.