Equinor (EQNR) Gets Permit to Use Drilling Rig at Norway Field
Equinor ASA EQNR received approval from the Norway offshore safety regulator to use a semi-submersible rig for production drilling at the North Sea field.
The approval received involves production drilling activities, including plugging and abandonment operations. It also involves the completion of two wells, M-1 BH on Statfjord Ost and F-4 CH on Statfjord Nord.
Developed in 2012, the COSL Promoter is a semi-submersible drilling rig designed to operate up to 750 meters below the water surface. It is owned by the drilling contractor COSL Drilling.
Statfjord is an offshore oil and gas field that straddles the Norwegian and British continental shelves. The field is situated in the Tampen area of the northern North Sea. Statfjord has been producing oil and natural gas for more than 40 years.
The submersible drilling rig will be central to Equinor’s upstream activities, thereby supporting its operations at the Statfjord Ost and Statfjord Nord fields. This will contribute to the company’s energy endeavors in the region.
Discovered in 1977, Statfjord Nord has been developed with two production templates and one water injection template tied back to the Statfjord C platform. Production from the field began in 1995.
Then again, the Statfjord Ost field has been developed with two subsea production templates and one water injection template tied back to the Statfjord C platform. Beside this, two production wells have been drilled from the Statfjord C platform. The field started producing in 1994.
Equinor’s endeavors to improve the recovery of resources in mature fields are commendable. The company has operations across all major hydrocarbon-producing regions of the world, with a strong focus on the Norwegian Continental Shelf.
Price Performance
Shares of Equinor have outperformed the industry in the past three months. The stock has gained 5.7% compared with the industry’s 0.9% growth.
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Zacks Rank & Other Stocks to Consider
Equinor currently flaunts a Zack Rank #1 (Strong Buy).
Investors interested in the energy sector might look at the following companies that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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