Equinor (EQNR) Receives Norwegian Oil and Gas Fields Approval
Equinor ASA EQNR, the premier integrated energy company, announced that its plans for development and operation of the subsea gas fields Irpa and Verdande, and the production well Andvare in the Norwegian Sea, have been approved by the Norwegian authorities.
According to EQNR, Irpa will be connected to Aasta Hansteen, whereas Verdande and Andvare will be linked back to Norne.
Per Trond Bokn, Equinor's senior vice president for project development, the current geopolitical environment has raised a significant demand for oil and gas from the Norwegian continental shelf. He added that the development projects will increase activity on the host platforms, while bringing additional production to the market (quickly and at minimal costs).
Equinor stated that the Irpa gas volumes could supply gas to (a little) more than 2.3 million households in the U.K. for seven years. The development could extend the Aasta Hansteen field's productive life by seven years, or up to 2039. The productive life of Verdande, an oil discovery with some associated gas, will also be extended by several years.
Zacks Rank & Key Picks
Equinor currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation EPM, NGL Energy Partners LP NGL and RGC Resources Inc. RGCO. While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), both NGL Energy Partners and RGC Resources carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries — Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
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