Equinor CEO: We Have No Spare Capacity for Oil and Gas
The CEO of Norway's state-controlled company Equinor said that the company does not have any spare capacity to increase its oil and gas output due to Middle East supply shortages."Our focus today is on making sure we are seen as a reliable supplier of oil and natural gas in the markets that we operate in, and ensuring we have the highest possible production because it's needed in these times," Equinor CEO Anders Opedal said at an industry conference held in Oslo.U.S.
Norway Parliament rejects any challenge to LNG plant power supply
The Norwegian parliament rejected on Thursday a proposal that would have blocked?Equinor from supplying electricity to its Hammerfest LNG plant using the power grid of the region. This allowed the "ongoing" development to continue. The Socialist Party, which had previously supported the plan but now deemed it to be "in reality unlawful", withdrew their support. The Storting is the parliament of the Netherlands. It has 48 members.
Equinor announces a sharp fall in capital spending next year and cuts back on buybacks by 70 percent
The company said that it would cut back on share buybacks to 70%, and reduce investment in renewables and low emissions energy. This was announced as the company reported a 22% decline in its fourth-quarter profits, due to lower oil and gas prices. Analysts say that share buybacks and dividends are unsustainable due to low oil prices. Equinor CEO Anders Opedal said to reporters that the company was taking steps to improve its free cash flow.
Norway Parliament Rejects Challenge to LNG Plant's Power Supply Plan
Norway's parliament on Thursday rejected a proposal to block Equinor's plan to supply electricity to its Hammerfest liquefied natural gas (LNG) plant from the region's power grid, allowing the ongoing development to continue.Opposition parties had sought to revoke the LNG plant's planned link to the power grid, but the motion failed when the Socialist Party withdrew its support for the plan, calling it "in practice unlawful".A total of 48 members of parliament, known as the Storting, backed the opposition's proposal whi
Norway Socialist Party Withdraws Support for LNG Electricity Project Opposition
Norway's Socialist Party has withdrawn its support for a proposal to block Equinor's Hammerfest liquefied natural gas plant from receiving a planned onshore power connection, clearing the way for the grid development to proceed.Parliament is due on Thursday to vote on an opposition proposal seeking to revoke the LNG plant's planned link to the power grid, but the motion is likely to fail without backing from the Socialist Party.The government approved the connection in 2023 to cut greenhouse gas emissions at the plant o
Equinor plans to drill 250 oil and natural gas exploration wells by 2035 in Norway
Equinor plans to drill 250 oil-and-gas exploration wells in Norwegian waterways in the next ten years in order to achieve a goal that will maintain production in 2035, at levels of 2020, due in part, according its CEO, Tuesday, to expectations of continued fossil fuel demand. Anders Opedal, the CEO of Norwegian Energy Company, said at an energy conference that the company will invest 60 billion Norwegian crowns (5.86 billion dollars) per year over 10 years to maintain production on Norway's aging continental shelf.
Equinor Q3 core profits fall more than expected
Equinor announced a 9.9% decline in its third quarter profits, which was higher than expected. Oil and gas prices have fallen since a year earlier. The company has maintained its production forecast. Equinor's poll of 21 analysts predicted that the Norwegian energy group would earn $6.31 billion in adjusted earnings for July-September, a slight drop from $6.89. The company's forecast for 2025 capital expenditure of $13 billion was not changed.
Equinor begins production in Brazil's Bacalhau Oilfield
Equinor, a Norwegian oil company, announced on Thursday that it had begun production in Brazil at its Bacalhau field one year after the original investment decision in 2021. Equinor said that Bacalhau, with recoverable reserves exceeding 1 billion barrels equivalent oil (boe), is the largest offshore field developed to date by Equinor. The company stated that production will increase gradually with updates in output expected by 2026. The field was discovered in 2012, about 185 km (115 mi) off the coasts of Sao Paulo.
Equinor Q2 Core Profit drops as expected due to lower oil prices
Equinor reported on Wednesday that its second-quarter profits fell by 13% compared to a year ago, as expected, due to the decline in oil prices, which outweighed an increase in gas. Equinor's poll of 21 analysts predicted that the adjusted earnings for April-June would be $6.54 billion, down from $7.48 billion in the previous year. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year.
Equinor Q1 profits rise more than expected
Equinor announced a higher than expected increase in its first quarter profit on Wednesday. This was boosted by an increase in European gas prices compared to the same period last year. Equinor's poll of 20 analysts predicted that the Norwegian oil and gas company would earn $8.51 billion in January-March, but it actually increased to $8.65 from $7.53. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year.
Equinor, Norway's largest oil company, scales back its climate ambitions due to wind change
Equinor, the Norwegian energy company, has weakened its plan for energy transition as it struggles with delivering on promises to invest in renewable energy technologies and low-carbon technology. It cited practical difficulties and shifts in political priorities. In 2022, the oil and gas producer laid out short and medium term steps to achieve net zero emission, including those from using its products, by 2050. In February…
EU May Need 350 additional LNG Cargoes
Helge Haugane, head of Equinor's gas and power trading, told Bloomberg News that the European Union could need up to 350 additional cargoes this year of liquefied gas (LNG).Haugane stated that in the worst case scenario, European reserves of gas could only be 30% full at the end winter. He added that it will be crucial to attract cargoes over the summer for the storage to be refilled, and this could be expensive and require…
Bloomberg News reports that Equinor believes EU may require 350 additional LNG cargoes in order to replenish reserves.
Helge Haugane, head of Equinor's gas and power trading, told Bloomberg News that the European Union could need up to 350 additional cargoes this year of liquefied gas (LNG). Haugane stated that in the worst case scenario, European reserves of gas could only be 30% full at the end winter. He added that it will be crucial to attract cargoes over the summer for the storage to be refilled, and this could be expensive and require regulatory interventions. Equinor didn't immediately respond to our request for a comment.
Equinor expects a decrease in storages and a rise in gas prices next year.
The CEO of Norwegian oil-and-gas producer Equinor stated on Thursday that European gas prices continue to be under pressure because of the rising demand for gas in Asia, and due to concerns about future supplies of Russian gas and LNG. The weather and temperature will determine the demand for European products. "A normal or cold winter would put upward pressure on the prices," CEO Anders Opedal said to reporters after the company announced its third quarter earnings.
Equinor Q3 profit drops 13%, lagging forecast
Equinor reported a sharper-than-expected 13% decline in third-quarter profit on Thursday, hit by weaker oil prices and lower production, and cut its full-year outlook for capital expenditure and renewable energy production growth. Equinor's poll of 25 analysts found that the adjusted earnings for the period July-September fell from $7.93 to $6.89. This is below the $7.08 billion estimated by Equinor. The organic capital expenditure for 2024 has been revised down to between $12 billion and 13 billion dollars…
Norway's Equinor cancels plans to export Blue Hydrogen to Germany
A spokesperson for Equinor, the Norwegian energy company, said that it had scrapped plans to ship so-called "blue hydrogen" to Germany due to its high cost and insufficient demand. In January 2022, Equinor signed an agreement with Germany's RWE to create a hydrogen supply network for German power plants in order to reduce greenhouse gas emissions. Plans include producing blue hydrogen (hydrogen from natural gas combined with carbon capture and storing) in Norway…
Norway's Equinor cancels plans to export Blue Hydrogen to Germany
A spokesperson for Equinor, the Norwegian energy company, said that it has scrapped plans to export blue hydrogen into Germany due to its high cost and insufficient demand. In January 2022 Equinor signed a Memorandum of Understanding with Germany's RWE to create a hydrogen supply network for German power plants in order to reduce emissions. Plans included producing blue hydrogen (hydrogen from natural gas combined with CCS) in Norway…
Equinor will invest up to $6,7 billion a year until 2035 in oil and natural gas offshore Norway
Equinor said it plans to invest 60-70 billion Norwegian crowns (US$5.7-$6.7 billion), a year, in oil and natural gas offshore Norway through 2035. It expects a continued strong demand for fossil fuels. Norway is Europe's biggest gas supplier, and it's a major oil producer. It pumps around four million barrels equivalent to oil per day. However, many of its offshore fields are declining, and no new developments are planned for the 2030s.
Soaring Gas Prices Power Equinor Q2 Profits
Equinor said it will return an additional $3 billion to shareholders after reporting better-than-expected second-quarter profit on the back of soaring gas prices fuelled by the war in Ukraine. The company boosted gas supplies to Europe by 18% in the April-June period compared to a year ago, making Norway the continent's largest supplier of piped natural gas as Russia cut deliveries amid a standoff with the West over the war."Equinor has become Europe's most important supplier of energy during this conflict…
Equinor's Incoming CEO Wants to Be Best in Offshore Oil, Gas
Anders Opedal, who on Monday was named Equinor's new chief executive, said he wanted the Norwegian oil company to be both best in offshore oil and gas and at the same time have higher climate targets and develop new low-carbon solutions."I want Equinor to be best in offshore oil and gas," Opedal told a news conference at the company's headquarters, adding that he also wanted the company to create a platform for growth for low-carbon solutions."I want to go further ...