Tuesday, April 7, 2020

Eldar Saetre News

Equinor, Rosneft to develop Arctic oilfield

North Komsomolskoye is a conventional onshore oil and gas field located in Western Siberia in Russia. (Photo: Natalia Ermakova, Equinor)

Russia's Rosneft and Norway's Equinor have agreed details on how to develop an Arctic Siberian onshore oilfield, they said on Monday, their first joint investment since agreeing a strategic partnership in 2012.The…

Equinor Begins Search for New CEO

Photo courtesy of Equinor

Norwegian oil producer Equinor has started a search for a new chief executive, the Stavanger Aftenblad newspaper reported on Friday, citing unnamed sources.CEO Eldar Saetre, 63, who led the company through the oil market's downturn in 2014-2016…

Equinor Q3 Profit Drops, Hit by Lower Prices

Eldar Sætre, President and CEO  Photo: Equinor ASA

Norway's state-backed energy company Equinor third-quarter profit fell by more than expected on account of the significant decline in the volume and price of natural gas sold to Europe.Adjusted earnings before interest…

Equinor Sticks to 2019 Output Forecast

The mega Johan Sverdrup oil field has already achieved a daily production above 200,000 barrels, and will have a capacity of well above 300,000 barrels by the end of November. (Photo: Espen Rønnevik/Øyvind Gravås, Equinor)

Equinor's third-quarter profit fell by more than expected on Thursday after a significant decline in the volume and price of natural gas sold to Europe, although the Norwegian firm reiterated its forecast for flat…

Equinor, SSE Win Contract for Largest Offshore Wind Project

(Image: Equinor)

Equinor and Britain's SSE have won a tender to build three wind farms off Britain, which the Norwegian firm said together will form the world's largest such development.Like other European oil firms, Equinor is developing…

Equinor to Sell Shares in Lundin Petroleum

(Photo: Lundin Petroleum)

Norwegian oil and gas firm Equinor ASA on Sunday said it will sell a 16% stake in Lundin Petroleum AB for about $1.56 billion, and in return acquire an additional 2.6% stake in Johan Sverdrup oilfield.Equinor agreed to sell about 54.5 million Lundin shares at a pri

Equinor Q1 Beats Forecast

The Johan Sverdrup oilfield in the North Sea is on track to start production in November (Photo: Arne Reidar Mortensen / Equinor)

Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November.Earnings before interest and tax (EBIT)

BP and Equinor Spending Steady

Equinor CEO Eldar Saetre (Photo: Ole Jørgen Bratland / Equinor)

The spending plans of oil majors BP and Equinor are unaffected by the more than 25 percent drop in oil prices since early October, their CEOs said on Wednesday.Oil and gas companies were boosted over the first nine…

Equinor Seeks Investments in India

Eldar Saetre (Photo: Ole Jørgen Bratland / Equinor)

Norwegian energy firm Equinor is exploring investment opportunities in India, its chief executive told Reuters on Wednesday."We are looking at India both from oil and gas, but also from the renewables. It's a very early (stage)…

Equinor Bets on Offshore Wind

Photo: Equinor

Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European…

Equinor Explores Floating Wind Turbines to Power N.Sea Oilfields

(Image: Equinor)

Norway's Equinor said on Tuesday it is considering whether to build a pioneering offshore wind farm with floating turbines to supply electricity to two North Sea oilfields as part of a strategy to curb greenhouse…

Equinor Q2 Core Earnings Lag Forecasts

© Bo B. Randulff, Roar LIndefjeld / Equinor

Norwegian oil and gas firm Equinor said on Thursday second-quarter adjusted operating income rose from a year ago but missed forecasts due to higher maintenance costs at its Norwegian fields.The company formerly known…

Pope Warns Energy Bosses of Global Destruction without Fuel Shift

© andiz275 / Adobe Stock

Pope Francis warned that climate change risked destroying humanity on Saturday and called on energy leaders to help the world to convert to clean fuels to avert catastrophe."Civilisation requires energy but energy use must not destroy civilisation…

SOCAR Inks Deals for Caspian Fields with Equinor

Azeri state oil company SOCAR and Norway's Equinor on Wednesday signed a risk service contract for the development of the Karabakh offshore oil and natural gas field in the Caspian Sea.The two companies also signed a product-sharing agreement for Ashrafi…

For Big Oil, Reserve Size Matters Less Than Ever

File Image: CREDIT BSM

Oil and gas reserves life falls below 12 years, lowest level in at least 20 years. A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares.

Statoil to Become Equinor, Dropping 'Oil'

Photo: Jan Arne Wold / Woldcam

Shareholders in Norway's largest company, Statoil, will approve on Tuesday the board's proposal to drop "oil" from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels' impact on climate change.From Wednesday…

Changes in Statoil's Top Deck

Margareth Øvrum (Photo: Ole Jørgen Bratland / Statoil)

Statoil said on Friday it had expanded its leadership team and changed its corporate structure to reflect the company's increased focus on Brazil.Statoil's Brazilian operations will become a separate business unit headed by Margareth Oevrum…

Statoil Eyes Future Projects with Pemex

Norway's Statoil will evaluate new offshore projects in Mexico, including potential tie-ups with state oil company Pemex, the firm's top executive said, adding that a first deepwater well in an existing Gulf project will likely be drilled next year.

Statoil to Rebrand as Equinor

Dudgeon offshore wind farm (Photo: Ole Jørgen Bratland / Statoil)

Rebranding would cost up to $32.5 mln but firm plans to ramp up renewables investment. Norway's Statoil plans to change its name to Equinor, reflecting its commitment to become a broad energy company rather than one focused only on oil, it said on Thursday.

Statoil Raises Dividend, CapEx as Oil Sector Rebounds

A file image of Statoil's Gullfaks A offshore oil installation.

Stock is best performer of European oil index. Norway's Statoil will raise its dividend, investments and exploration spending in 2018, it said on Wednesday, after higher oil prices helped it beat fourth-quarter earnings forecasts.