Shell, TotalEnergies, and Equinor saw their shares decline after announcing the completion of a joint CO2 storage project in Norway. However, the companies face legal challenges from environmental groups on other North Sea projects. Meanwhile, Shell secured a bid for a shallow water block in Trinidad and Tobago.
Equinor ASA, a Norwegian energy giant, announced a new gas and condensate discovery in the Norwegian Sea, but its shares dipped premarket. The company’s ambitious exploration plans and investment in oil and gas projects in Norway, coupled with its recent withdrawal from Vietnam’s offshore wind sector, are making headlines.
Norwegian energy giant Equinor has announced the cancellation of its offshore wind projects in Spain, Portugal and Vietnam, citing rising costs due to inflation, high interest rates and supply chain delays. The company’s decision highlights the financial challenges faced by the offshore wind industry, but Equinor remains committed to its renewable energy goals.
Top Wall Street analysts have recently downgraded their ratings for several prominent companies, including Equinor, Bancolombia, CAVA Group, Okta, and comScore. These downgrades are accompanied by revised price targets, reflecting changing market perspectives.
Equinor ASA has withdrawn from Vietnam’s offshore wind sector, citing delays in regulatory reforms. This decision marks a setback for Vietnam’s green energy goals and is the first time Equinor has closed an international office dedicated to offshore wind development.
Equinor ASA has temporarily shut down production at its Gullfaks C platform in the North Sea after a well incident. The company evacuated some workers as a precaution. The incident is expected to reduce gas production at the Gullfaks field by 6.6 million cubic meters per day.
Equinor, the Norwegian oil and gas producer, has announced higher-than-expected profits for the first quarter of 2023, attributed to increased production in Norway and robust operational performance. The company’s adjusted earnings before tax fell to $7.53 billion from $11.92 billion a year earlier due to lower gas prices, but surpassed analyst estimates of $7.2 billion. CEO Anders Opedal highlighted the strong production on the Norwegian continental shelf and the solid growth from the international portfolio. Notably, Equinor became Europe’s largest supplier of natural gas in 2022, taking over from Russia’s Gazprom. With steady production levels of 2.16 million barrels of oil equivalent per day in Q1, the company maintains its forecast for flat oil and gas output in 2023 compared to 2022. In its annual review, Equinor projected a combined oil and gas production increase of approximately 5% by 2026, followed by a gradual decline towards 2030.
Equinor has reported higher-than-expected profits for the first quarter of 2023, primarily due to high production in Norway and strong operational performance. The company’s adjusted earnings before tax for the period reached $7.53 billion, surpassing analyst estimates of $7.2 billion despite lower gas prices. The decline in gas prices was partially offset by increased oil prices and production growth. Equinor’s production on the Norwegian continental shelf remained high, and its international portfolio contributed to solid production growth.
Equinor’s Hammerfest LNG plant in northern Norway was evacuated Tuesday due to a gas leak during maintenance. The plant, Europe’s largest LNG export facility, will remain offline until Friday at least. The leak has been stopped, and all personnel at the plant are accounted for. There were no injuries or risk to the general population. The outage is expected to affect about 5% of Norwegian gas exports.
