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Equinor (EQNR) to Partly Electrify Norway Gas Field Post Approval
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Equinor ASA (EQNR - Free Report) has been given the go-ahead to partly electrify the Sleipner field center in the Norwegian part of the North Sea.
The Ministry of Petroleum and Energy of Norway has approved Equinor’s revised plan for the development and operation (“PDO”) of Sleipner electrification. Notably, in June 2020, the company along with its partners presented an investment decision to the Norwegian authorities to partly electrify the North Sea field.
The Norwegian energy giant is the operator of the Sleipner field, with a 59.6% ownership interest. The remaining partners include Vår Energi AS1, with a 15.4% stake in the field, LOTOS Exploration and Production Norge AS with 15% and KUFPEC Norway AS holding the rest.
The Sleipner field center solution involves the placing of a power cable from the Sleipner to the Gina Krog platform, which in turn will be connected to the shore through the Utsira High area solution to receive power. It is expected to take place by late 2022.
Most importantly, the Sleipner electrification will contribute to economic efficiency by facilitating emission reductions from its activities and is expected to reduce carbon emissions by more than 150,000 metric tons of CO??? per year. Moreover, it will offer assignments for the supplier industry in challenging times.
Sleipner is a major gas field on the Norwegian Continental Shelf and enormously contributes to Norwegian society. Notably, the energy giant will invest nearly NOK 850 million in the project with an aim to reduce its carbon emissions. The PDO approval favors Equinor’s plan to further develop the field and is in line with the net-zero emissions target on the Norwegian Continental Shelf by 2050.
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. The stock has gained 16.7% compared with the industry’s 13.4% growth.
Ovintiv’s earnings for 2021 are expected to increase 413.2% year over year.
Repsol’s earnings for 2021 are expected to increase 250.7% year over year.
Exxon’s earnings for 2021 are expected to increase 42.4% year over year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Equinor (EQNR) to Partly Electrify Norway Gas Field Post Approval
Equinor ASA (EQNR - Free Report) has been given the go-ahead to partly electrify the Sleipner field center in the Norwegian part of the North Sea.
The Ministry of Petroleum and Energy of Norway has approved Equinor’s revised plan for the development and operation (“PDO”) of Sleipner electrification. Notably, in June 2020, the company along with its partners presented an investment decision to the Norwegian authorities to partly electrify the North Sea field.
The Norwegian energy giant is the operator of the Sleipner field, with a 59.6% ownership interest. The remaining partners include Vår Energi AS1, with a 15.4% stake in the field, LOTOS Exploration and Production Norge AS with 15% and KUFPEC Norway AS holding the rest.
The Sleipner field center solution involves the placing of a power cable from the Sleipner to the Gina Krog platform, which in turn will be connected to the shore through the Utsira High area solution to receive power. It is expected to take place by late 2022.
Most importantly, the Sleipner electrification will contribute to economic efficiency by facilitating emission reductions from its activities and is expected to reduce carbon emissions by more than 150,000 metric tons of CO??? per year. Moreover, it will offer assignments for the supplier industry in challenging times.
Sleipner is a major gas field on the Norwegian Continental Shelf and enormously contributes to Norwegian society. Notably, the energy giant will invest nearly NOK 850 million in the project with an aim to reduce its carbon emissions. The PDO approval favors Equinor’s plan to further develop the field and is in line with the net-zero emissions target on the Norwegian Continental Shelf by 2050.
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. The stock has gained 16.7% compared with the industry’s 13.4% growth.
Zacks Rank & Stocks to Consider
Equinor currently has a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Ovintiv Inc. (OVV - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Repsol SA (REPYY - Free Report) and Exxon Mobil Corporation (XOM - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ovintiv’s earnings for 2021 are expected to increase 413.2% year over year.
Repsol’s earnings for 2021 are expected to increase 250.7% year over year.
Exxon’s earnings for 2021 are expected to increase 42.4% year over year.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>