Equinor ASA (EQNR - Free Report) has taken a final investment decision (FID) to build floating turbines for generating power supply to oil platforms offshore Norway.
This Norway-based company will invest almost $550 million (or 5 billion kroner) in the 88-megawatt (MW) Hywind Tampen offshore wind project, which is a first-of-its-kind initiative.
As one of the biggest floating offshore wind projects with 11 turbines, the Hywind Tampen project is estimated to supply nearly 35% of the total electricity consumption at its Gullfaks and Snorre oilfields in the Norwegian Sea.
Although wind resource development might not be profitable but Equinor decided to go ahead with the project following financial backing of as much as 2.3 billion kroner from the Norwegian government.
Through offshore installations of gas turbines, Equinor will be able to cut carbon dioxide (CO2) emissions by 200,000 meters annually. The turbines are expected to generate power by 2022 end.
The company CEO Eldar Saetre stated that “the decision by the Snorre and Gullfaks partners helps bring this technology an important step forward. Floating offshore wind may play an important part in the energy transition towards more sustainable global energy supply. This brings substantial opportunities for Norwegian industry.”
Notably, Equinor engages in developing oil, gas, wind and solar energy projects and focuses on offshore operations and exploration services.
Zacks Rank & Other Key Picks
Equinor carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include BP Midstream Partners , Magellan Midstream Partners, L.P. and TC Energy Corporation (TRP - Free Report) , each carrying the same solid Zacks Rank as Equinor. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BP’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.
Magellan earnings beat the Zacks Consensus Estimate in three of the previous four quarters.
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Equinor ASA (EQNR - Free Report) has taken a final investment decision (FID) to build floating turbines for generating power supply to oil platforms offshore Norway.
This Norway-based company will invest almost $550 million (or 5 billion kroner) in the 88-megawatt (MW) Hywind Tampen offshore wind project, which is a first-of-its-kind initiative.
As one of the biggest floating offshore wind projects with 11 turbines, the Hywind Tampen project is estimated to supply nearly 35% of the total electricity consumption at its Gullfaks and Snorre oilfields in the Norwegian Sea.
Although wind resource development might not be profitable but Equinor decided to go ahead with the project following financial backing of as much as 2.3 billion kroner from the Norwegian government.
Through offshore installations of gas turbines, Equinor will be able to cut carbon dioxide (CO2) emissions by 200,000 meters annually. The turbines are expected to generate power by 2022 end.
The company CEO Eldar Saetre stated that “the decision by the Snorre and Gullfaks partners helps bring this technology an important step forward. Floating offshore wind may play an important part in the energy transition towards more sustainable global energy supply. This brings substantial opportunities for Norwegian industry.”
Notably, Equinor engages in developing oil, gas, wind and solar energy projects and focuses on offshore operations and exploration services.
Zacks Rank & Other Key Picks
Equinor carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include BP Midstream Partners , Magellan Midstream Partners, L.P. and TC Energy Corporation (TRP - Free Report) , each carrying the same solid Zacks Rank as Equinor. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BP’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.
Magellan earnings beat the Zacks Consensus Estimate in three of the previous four quarters.
TransCanada earnings beat the Zacks Consensus Estimate in each of the last four quarters.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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