Equinor (EQNR) Commences Breidablikk Field Production Early
Equinor ASA EQNR started production from the North Sea’s Breidablikk field four months ahead of schedule and within the allocated budget.
The subsea field connected to the Grane platform contains nearly 200 million barrels of recoverable oil. Equinor is the operator of the project.
This project is highly profitable, contributing significant volumes to the market and generating substantial value for Norwegian society and the project’s stakeholders. The total investments in this venture are projected to be slightly above NOK 21 billion.
The commencement of production from Breidablikk was initially planned for the first half of 2024, including predrilling and completion of five wells. However, the current progress indicates that eight wells have been drilled, and the drilling of supplementary wells is set to continue until 2025 end.
The Breidablikk project is being developed using 22 subsea wells drilled from four templates. Pipelines and cables have been installed to connect the subsea facility to the modified Grane platform, which can now receive the well stream.
Breidablikk has the potential to extend the productive life of the Grane field, along with 1000 associated jobs, up to 2060. This is achieved through a cost-effective development approach that leverages existing offshore and onshore infrastructure.
During its peak production, Breidablikk is projected to contribute up to 55-60,000 barrels of oil per day to the market, primarily to Europe. The oil extracted from Breidablikk is processed on the Grane platform and subsequently transported to the Sture terminal in Oygarden through pipelines.
Zacks Rank & Stocks to Consider
Equinor currently carries a Zack Rank #4 (Sell).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. Each of the three companies presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources Company MTDR is among the leading oil and gas explorers in the shale and unconventional resources in the United States. MTDR’s prime priorities include lowering debt, delivering free cashflows and maintaining or increasing dividends.
Matador Resources has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for MTDR’s 2023 and 2024 earnings per share is pegged at $6.59 and $8.84, respectively.
APA Corporation APA boasts a large, geographically diversified reserve base with multi-year trends in reserve replacement. The company’s high-quality drilling inventory with greater resource potential should enable it to deliver competitive per-share growth.
APA Corp has witnessed upward earnings estimate revisions for 2023 and 2024 in the past seven days. The consensus estimate for APA’s 2023 and 2024 earnings per share is pegged at $4.72 and $6.52, respectively.
SM Energy Company SM is an independent oil and gas company that explores, exploits, develops, acquires and produces oil and gas in North America. SM's strong cash generation places it in a better financial position, allowing for investments in dividends, debt reduction and future growth.
SM Energy has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SM’s 2023 and 2024 earnings per share is pegged at $5.79 and $7.03, respectively.
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