Plans by Equinor and partners to spend nearly $5 billion to reduce greenhouse gas emissions on the Norwegian continental shelf by 40% could be put on hold unless the Norwegian government provides immediate tax relief for companies hit hard by the collapsing oil price and the coronavirus pandemic.

Like others in the industry, Equinor and its partners have faced financial constraints as the oil price has plunged to its lowest levels in the new millennium, and as capital markets have tightened access for most companies.