Equinor ASA EQNR along with partners AkerBP and Wellesley Petroleum has been successful in finding natural gas in Orn exploration well at its Eagle Prospect in the Norwegian Sea.
This new discovery is located southwest of the Marulk Field and is expected to contain nearly 50-88 million barrels of oil equivalent (MMboe).
The drilling of the exploration well 6507/2-5 S in production licence (PL) 942 took place over 12 kilometres to the south-west of the Marulk field, 38 kilometres south-west of the Norne field and 20 kilometres north-west of Skarv. The site near existing platforms and other discoveries will make it beneficial to build on resources.
As Norway is Europe’s second largest supplier of natural gas, the Orn finding signals that there is still room for exploration in the Norwegian continental shelf.
Equinor, the Norwegian multinational energy company, has been partnering and operating in several findings and discoveries in the Norwegian Sea since 2017, summing an estimated volume of 200-600 MMboe.
In this Orn discovery, Equinor is expected to hold 40% interest while its partners AkerBP and Wellesley will own 30% stake each.
Apart from this discovery, the Norwegian oil and gas energy company together with its partners recently started production from the Utgard gas and condensate field, stretching the Norwegian-UK border into the North Sea.
Utgard’s recoverable output is expected to be nearly 40 MMboe while its daily production is estimated to be around 43,000 boe. The project is carried out earlier than planned and at 25% lower-than-the anticipated cost.
Equinor ASA Price
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Zacks Rank & Key Picks
Equinor carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include BP Midstream Partners BPMP, Dril-Quip, Inc. DRQ and World Fuel Services Corporation INT, each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BP Midstream’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.
Dril-Quip earnings beat the Zacks Consensus Estimate in three of the previous four quarters.
World Fuel Services earnings beat the Zacks Consensus Estimate in all the last four quarters.
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