Equinor NEWS

Equinor has awarded a contract to Kaefer Energy AS. It is a service contract within insulation, scaffolding and surface treatment (ISO) on Johan Sverdrup field. It is worth approximately more than NOK700 million. The scope of work the contract will include ordinary operations and maintenance work, some of the work from Phase 2 of the project.

Maersk Drilling has revealed plans of converting the Intrepid platform into the first hybrid, low-emission offshore rig. The 2014-built Intrepid, an ultra-harsh environment rig, is currently hired for operational support at Equinor’s Martin Linge field. The Danish rig operator is looking to lower the NOx and CO2 emissions on the Maersk Intrepid through a number of upgrades. The full implementation of upgrades is slated to conclude by year-end.

Energy major, Equinor yesterday released Q1 earnings, reporting $1.54 billion in profits. The Norwegian firm saw a 4% rise in profits from Q12018, as total equity production in the quarter rose to 2,178 million barrels of oil per day (Mboe/day). Conferring to the results, Equinor said that the results were impacted by lower prices, even though the level of production remained consistently high.

Equinor has decided to close the Statfjord A platform. It is after 43 years since the platform produced first oil that it will be shut down. Statfjord A has till date produced more than five billion barrels of oil and gas and £132 billion in revenues. The energy major has informed that the other two platforms of Statjford, Statfjord B and Statfjord C will be online until 2025, at least.

In a rather shocking scene on Monday, environmental activists of Greenpeace climbed aboard the drilling rig of oil major Equinor, currently deployed in the Norwegian Arctic. Greenpeace organization said that four activists from Norway, Sweden and Denmark climbed aboard the West Hercules rig, anchored off Hammerfest. West Hercules is scheduled to carry out drilling operations in production license 859 in the Barents Sea.

Equinor has assured its support to the goals of 2016 Paris Agreement. The company said, "Equinor is committed to playing an active and positive role in society’s decarbonisation through engagement, technology, operations, innovation and investments. Our activities do not include direct engagement with end users of products". It has informed about its climate change targets through a statement prepared jointly with other investors participating in the Climate Action 100+ initiative.

In Argentina’s first offshore licensing round, Norwegian energy major, Equinor won big with the award of seven exploration blocks in the bidding. While on four blocks Equinor secured 100% operatorship, it will partner with YPF and Total on the remaining three blocks. The bidding round which had 38 offshore blocks on offer was the first open bid round for Argentinian offshore acreage in almost three decades.

Some of the installations of Equinor were scheduled for a shutdown in the near future. But, the Norwegian company has now received approval from the authorities for extending the life of eight installations on the NCS during the last three years. The life extension has been given to Gullfaks A, B and C (2036), Oseberg East (2031), Snorre A and B (2040), Norne (2036) and Åsgard A (2030).

Norwegian oil major, Equinor has announced oil discovery from the Visund A Platform in the Telesto exploration well in the North Sea. The newly discovered reserve is estimated to contain approximately 12-28 million barrels of recoverable oil. Equinor operates the production license 120, where Petoro, ConocoPhillips and Repsol are partners. The Visund A platform will now proceed with drilling development wells on the Visund field.

According to the sources, Royal Dutch Shell wants to increase output and recoverable reserves from its gas field, Ormen Lange in Norway. The energy giant is planning to install subsea compressors in the field in order to boost production. Shell and its partners, Equinor and Exxon are now aiming to choose between two proposals, which are from OneSubsea and TFMC, intended to improve output and recoverable reserves.

Transocean has entered into an agreement with its customer, Equinor, wherein the company will license and install Automated Drilling Control (ADC). ADC will be installed on the four rigs which are currently working in Norway and the fifth rig which is expected to commence its operations soon in the Norweigan sea. CEO commented, "The ADC upgrades advance our automation efforts and further enhance our industry-leading fleet of semi-submersibles".

Equinor has acquired 40% operated interest of Chevron in the Rosebank project in the UK Continental Shelf. This acquisition was announced in October 2018 and has now been completed by both the energy companies. This Rosebank deal has further added to Equinor’s upstream portfolio which already includes Mariner development. Currently, Equinor is the largest crude oil and natural gas supplier to the UK.

Norway’s energy company, Equinor has completed the sale of its two non-core discoveries on the Norwegian Continental Shelf (NCS). Both the discoveries were announced in October 2018. The first sale worth $250 million, was of a 77.8% operated interest in the King Lear discovery to Aker BP. The second sale worth $220 million, was of 42.38% non-operated interests in the Tommeliten Unit (PL044 TA) and 30% in PL044 to PGNiG.

Norwegian energy major, Equinor has announced the replacement of accounting firm, KPMG with EY in 2019. Final decision with regard to EY’s appointment will be taken at Equinor’s Annual General Meeting in May, 2019. KPMG lost to EY following a competitive audit tender. KPMG will carry out Equinor’s audit for the current financial year. KPMG and EY are part of the ‘big four’ global auditing firms.

Equinor has successfully completed its sale of stakes in Alba field in the North Sea. The deal has been made between Verus Petroleum and Equinor and the sum has not been revealed. Moreover, Verus has been awarded 17 % interest in the Cheveron-operated development. After this, Verus will have the responsibilities for any new Alba facilities. This sale has been in line with Equinor’s strategy to aim at “core activities”.

Norwegian oil major, Equinor has granted the £85m jacket supply contract for the Johan Sverdrup project to Kvaerner. Under the scope of the contract, Kvaerner will carry out engineering, procurement and construction (EPC) of the steel substructure for the second processing platform in Johan Sverdrup field. The 12,300-tonne substructure is expected to be installed in spring 2021.

Equinor has signed a framework agreement with Norway Rowan. The Rowan Stavanger jack-up rig has won a £17.7million contract for drilling work at Equinor’s Gurdrun field. Under the scope of the contract, the rig will drill two wells for five months. It has five extension options that are not included in the initial contract value. The framework agreement gives the operator exclusive rights to the rig.

Norwegian oil major, Equinor has entered into an agreement to farm out its non-operated interests in the Tommeliten discovery to PGNiG. The Tommeliten field, containing gas/condensate, was discovered in 1976. This $220 million transaction follows the recent sale of Equinor’s King Lear discovery to Aker BP. Equinor will also divest its 30% stakes in another block of acreage. ConocoPhillips is the operator of both the blocks.