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Equinor Keeps Pace With Johan Sverdrup's Oil Production Goal
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Equinor ASA (EQNR - Free Report) -operated Johan Sverdrup oil field in Norway, which came online ahead of schedule in October, 2019, recently saw growth in its oil production toaround 350,000 barrels per day (bpd).
With this solid surge in production, the oil field giant’s phase one production target of 440,000 bpd for next summer is reiterated. Also, its anticipated maximum output of 660,000 bpd in the second phase, accounting for one third of Norway’s total petroleum production, is unaltered.
Per a trading source, the oil loading program for Johan Sverdrup oil field will comprise 19 cargoes in January, resulting in average shipment of 381,000 bpd.
The oil field, which is one of the largest discoveries on the Norwegian Continental Shelf (NCS), makes the North Sea field western Europe’s largest oil production hub. The output is generated from the vast swathes across Equinor’s Troll and ConocoPhillips’ (COP - Free Report) Ekofisk fields in Norway besides Britain’s Buzzard, which is operated by a unit of China’s CNOOC Limited (CEO - Free Report) .
At its optimum level of productivity, the Norwegian Continental shelf might churn out 30% oil output from Sverdrup.
It is believed that this start-up of Johan Sverdrup’s first phase will help Equinor revive the spurt in production from its Norwegian fields that suffered a massive setback over the past year and half due to natural decline and technical issues.
In order to check the toxic emissions offshore by 80-90% while delivering valuable barrels, the field will be run by onshore-regulated electrical power.
Equinor currently has a Zacks Rank #3 (Hold) and a 42.6% stake in the Johan Sverdrup development process while Swedish oil producer Lundin Petroleum AB (who discovered the field in 2010) owns 20% interest. The remaining shares are held by TOTAL SA , Aker BP and Petoro. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Equinor Keeps Pace With Johan Sverdrup's Oil Production Goal
Equinor ASA (EQNR - Free Report) -operated Johan Sverdrup oil field in Norway, which came online ahead of schedule in October, 2019, recently saw growth in its oil production toaround 350,000 barrels per day (bpd).
With this solid surge in production, the oil field giant’s phase one production target of 440,000 bpd for next summer is reiterated. Also, its anticipated maximum output of 660,000 bpd in the second phase, accounting for one third of Norway’s total petroleum production, is unaltered.
Per a trading source, the oil loading program for Johan Sverdrup oil field will comprise 19 cargoes in January, resulting in average shipment of 381,000 bpd.
The oil field, which is one of the largest discoveries on the Norwegian Continental Shelf (NCS), makes the North Sea field western Europe’s largest oil production hub. The output is generated from the vast swathes across Equinor’s Troll and ConocoPhillips’ (COP - Free Report) Ekofisk fields in Norway besides Britain’s Buzzard, which is operated by a unit of China’s CNOOC Limited (CEO - Free Report) .
At its optimum level of productivity, the Norwegian Continental shelf might churn out 30% oil output from Sverdrup.
Equinor ASA Price
Equinor ASA price | Equinor ASA Quote
It is believed that this start-up of Johan Sverdrup’s first phase will help Equinor revive the spurt in production from its Norwegian fields that suffered a massive setback over the past year and half due to natural decline and technical issues.
In order to check the toxic emissions offshore by 80-90% while delivering valuable barrels, the field will be run by onshore-regulated electrical power.
Equinor currently has a Zacks Rank #3 (Hold) and a 42.6% stake in the Johan Sverdrup development process while Swedish oil producer Lundin Petroleum AB (who discovered the field in 2010) owns 20% interest. The remaining shares are held by TOTAL SA , Aker BP and Petoro. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>