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Equinor (EQNR) Awarded 17 Production Licenses in Norway

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Equinor ASA (EQNR - Free Report) acquired 17 new production licenses on the Norwegian Continental Shelf of which 10 licenses are as operators and seven as partners.

As part of the Award in Predefined Areas (“APA”) 2020 licensing process, the Ministry of Petroleum and Energy (“MPE”) of Norway awarded the production licenses to Equinor. The APA rounds are crucial to uphold the activities on the Norwegian Continental Shelf and form the basis for additional revenues.

Notably, the licenses will be a major addition to Equinor’s exploration portfolio. It is expected to provide a framework for further discoveries and will be carried out on the basis of the company’s climate ambitions to become a net-zero emissions energy business by 2050.

Of the 17 production licenses, the integrated oil major obtained eight of the licenses in the North Sea and nine of them in the Norwegian Sea. Importantly, per MPE, these resources are highly lucrative and are likely to offer ample opportunities for the society with limited environmental impacts.

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 six months. The company has gained 28.3% compared with the industry’s 11.5% growth.

 

 

Zacks Rank & Stocks to Consider

Equinor currently has a Zack Rank #3 (Hold). Some better-ranked players in the energy space are Total SE , Geopark Ltd (GPRK - Free Report) and NuStar Energy LP (NS - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Total’s earnings for 2021 are expected to increase 108.1% year over year.

Geopark’s earnings for 2021 are expected to increase 118% year over year.

NuStar’s earnings for 2021 are expected to increase 184.1% year over year.

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