Equinor NEWS

Norwegian energy major, Equinor ASA yesterday informed about its plans of divesting 16% of its interests in Lundin Petroleum for approximately $1.56 billion. Equinor holds about $54.5 million in Lundin. The firm will also increase its direct ownership share in the Johan Sverdrup field by 2.6%, for a cash consideration of $910 million.

Austrian oil firm, OMV and Equinor have come together for offshore Norway projects. Both the companies will simultaneously work on the Wisting development in the Barents Sea. Also, they will work on the concept development for the Hades-Iris discovery. Equinor’s Nylund said, "It is important for us to create value and maintain activity on the Norwegian continental shelf for many decades ahead, in close cooperation with other players".

Equinor has awarded subsea pipelines and marine operations contract. The contract pertains to phase two of the Johan Sverdrup project. Subsea 7 will be required to install 100 kms of infield pipelines and 25 spools, apart from installing umbilicals and carry out “marine operations”. The award is built upon successful delivery and installation of several subsea components and tie-in of pipelines by Subsea 7 in phase one.

Equinor’s report “Energy Perspectives” reveals that global climate action by energy companies to keep global warming below 2°C is not enough. The ninth edition of the report offers a global review of possible developments in the energy market towards 2050. Further, it focuses on the opportunities and challenges related to sustainable development while meeting global energy demands.

According to the executives at the Norwegian energy giant, UK’s significance is increasing for Equinor owing to landmark projects in the North Sea. “It is clearly one of the most important countries in our international portfolio. We have 30 countries in there, including three very significant ones – Norway, Brazil and the US”, said the Executive VP for development and production international at Equinor, Torgrim Reitan.

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.