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Equinor ASA EQNR and partners presented a plan to the Ministry of Petroleum and Energy of Norway for the advancement of the Troll West electrification project in the North Sea. Notably, the project involves full electrification of the Troll C platform and partial electrification of Troll B.
Equinor is the operator of the Troll field with a 30.6% participating interest. The remaining Troll Unit partners include Petoro AS with a 56% interest, Royal Dutch Shell Plc RDS.A with 8.1%, and TOTAL SE TOT and ConocoPhillips COP owning a 3.7% and 1.6% stake, respectively.
Reducing emissions by electrifying platforms is a highly efficient measure to curb climate change as it will likely reduce half a million tons of CO2 emissions per year. In other words, oil-field electrification will reduce more than 3% of total emissions from the production of oil and gas, and 1% of the total emissions in Norway. Moreover, NOx emissions will be reduced by nearly 1700 tons annually from the field.
The subsea cables to the Troll B and Troll C platforms will reach landfall at Equinor’s Kollsnes processing plant in Øygarden to the west of Bergen. A high voltage subsea cable will run from the Kollsnes processing plant to the Troll B platform and another between Troll B and Troll C.
Per plans, the current energy demand for both Troll B and C platforms will be met from shore. In March 2021, Norway’s Ministry of Petroleum and Energy granted an allowance to Equinor to construct, own and operate the necessary electrical installations to supply the platforms with power from shore.
Additionally, the two gas export compressors on Troll C, which is currently driven by gas turbines, will be replaced by electric motors. The infrastructure at Kollsnes and cable out to the platform will be designed for the potential full electrification of the Troll B platform, which will be partially electrified in the first quarter of 2024. Troll C will be fully electrified by late 2026.
The project, which is estimated to cost NOK 7.9 billion, will reduce emissions significantly. Notably, the Troll area will offer a massive amount of low-emission energy for decades and contribute added value for companies and Norway.
Company Profile & Price Performance
Headquartered in Stavanger, Norway, Equinor is one of the leading integrated energy companies in the world.
Shares of the company have outperformed the industry in the past three months. Equinor has gained 10.8% compared with the industry’s 10.6% growth.
The company currently carries a Zack Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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