The total tax contribution for Equinor amounted to USD 49.2 billion in 2022. Following Russia’s invasion of Ukraine, 2022 was a year with high and volatile energy prices.
Equinor focused on securing safe and reliable delivery of energy and became the largest provider of gas to Europe.
“As one of the world's largest taxpayers, we contributed about 50 billion USD in 2022 to the countries in which we operate. We believe in paying our fair share as a responsible company of the value created from developing natural resources on behalf of the host communities such as South Korea. These tax contributions empower governments, aligning with our purpose of ‘turning natural resources into energy for people and progress for society’, and this is one element of our contribution to society. Through renewables initiatives in Korea, we're also reducing emissions, creating jobs, and fostering local energy sources. A fair and balanced tax system that shares both risks and rewards is necessary for fostering equitable and sustainable energy projects. We are dedicated to the progress of local communities through the contribution from a balanced tax system." said Bjørn Inge Braathen, Country Managing Director of Equinor Korea.
In 2022, Equinor group companies contributed with tax, host government entitlement, royalty and fee payments of USD 49.2 billion globally. Of this, USD 44.3 billion was paid to Norway, where Equinor has the largest operations.
The financial results of 2022 were strengthened by the higher prices across energy markets, compared to 2021, and particularly high prices and higher production of gas to Europe. Through the year Equinor delivered solid operational performance, contributing to energy security.
Tax payments from Equinor provides governments and authorities with opportunities to increase welfare and strengthen their societies.
The Tax Contribution Report provides information about the corporate income tax Equinor paid in countries and locations in where we create value across all our businesses. The report discloses Equinor’s approach to tax and tax strategy, compliance, and governance.
“Equinor supports policies promoting the goals of the Paris Agreement and supports a price on carbon emissions as a measure to drive emissions reductions. The CO2 tax in Norway has promoted development of technology and solutions to produce oil and gas with lower emissions from operations on the Norwegian continental shelf,” states CFO Torgrim Reitan.
In 2022 Equinor paid USD 1.1 billion in environmental taxes and fees, including carbon quotas within the EU Emissions trading System.
