We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Equinor Discovers Oil & Gas in North Sea Swisher Prospect
Read MoreHide Full Article
Equinor ASA (EQNR - Free Report) recently announced a hydrocarbon discovery in the Swisher prospect, located in the North Sea, offshore Norway. The new finding is expected to hold 13-38 million barrels of oil equivalent.
The company drilled wells 35/11-24 S, 35/11-24 A and 35/11-24 B, which are situated almost 7 kilometers west of the Fram field. The semisubmersible West Hercules drilled the wells 130 kilometers northwest of Bergen at a water depth of 356 meters. The company has permanently plugged and abandoned the wells. The drilling rig will now proceed to drill the wildcat well 6407/1-8 S, located in the Apollonia prospect, in the Norwegian Sea.
The new finding in the Norwegian continental shelf is expected to be profitable for the company, wherein it has various existing infrastructure. The company will likely evaluate tie-back options to the existing infrastructures in the region.
It expects production from the new discovery to have a low carbon footprint. According to the company, the purpose of the wells that were drilled was to prove the presence of hydrocarbons in the Upper Jurassic age rocks of the Heather geologic formation. Equinor, the operator of the project, has Wellesley Petroleum and Petoro as partners.
Notably, Equinor announced earlier this week that it has decided to develop the Breidablikk oil discovery, located in the North Sea. The investment in the Norwegian field is expected to amount to NOK 18.6 billion (around $1.95 billion). Markedly, Equinor touted the Breidablikk field to be one of the largest undeveloped oil finds in the Norwegian continental shelf. The company expects the field to contain 200 million barrels of oil. It has Petoro AS, ConocoPhillips (COP - Free Report) and VårEnergi AS — a unit of Eni S.p.A. (E - Free Report) — as partners in the project. The pipelaying contract for the project was won by TechnipFMC plc (FTI - Free Report) in early 2020.
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.
Image: Bigstock
Equinor Discovers Oil & Gas in North Sea Swisher Prospect
Equinor ASA (EQNR - Free Report) recently announced a hydrocarbon discovery in the Swisher prospect, located in the North Sea, offshore Norway. The new finding is expected to hold 13-38 million barrels of oil equivalent.
The company drilled wells 35/11-24 S, 35/11-24 A and 35/11-24 B, which are situated almost 7 kilometers west of the Fram field. The semisubmersible West Hercules drilled the wells 130 kilometers northwest of Bergen at a water depth of 356 meters. The company has permanently plugged and abandoned the wells. The drilling rig will now proceed to drill the wildcat well 6407/1-8 S, located in the Apollonia prospect, in the Norwegian Sea.
The new finding in the Norwegian continental shelf is expected to be profitable for the company, wherein it has various existing infrastructure. The company will likely evaluate tie-back options to the existing infrastructures in the region.
It expects production from the new discovery to have a low carbon footprint. According to the company, the purpose of the wells that were drilled was to prove the presence of hydrocarbons in the Upper Jurassic age rocks of the Heather geologic formation. Equinor, the operator of the project, has Wellesley Petroleum and Petoro as partners.
Notably, Equinor announced earlier this week that it has decided to develop the Breidablikk oil discovery, located in the North Sea. The investment in the Norwegian field is expected to amount to NOK 18.6 billion (around $1.95 billion). Markedly, Equinor touted the Breidablikk field to be one of the largest undeveloped oil finds in the Norwegian continental shelf. The company expects the field to contain 200 million barrels of oil. It has Petoro AS, ConocoPhillips (COP - Free Report) and VårEnergi AS — a unit of Eni S.p.A. (E - Free Report) — as partners in the project. The pipelaying contract for the project was won by TechnipFMC plc (FTI - Free Report) in early 2020.
Price Performance & Zacks Rank
The stock has jumped 14.5% in the past six months compared with 9.4% rise of the industry it belongs to. Currently, Equinor has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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 >>