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Equinor (EQNR) & Partners Commence Profitable Grasel Production
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Equinor ASA (EQNR - Free Report) and partners recently commenced production from the Grasel field in the Skarv area, four months ahead of schedule. The site is located in the northern part of the Norwegian Sea.
Equinor owns a 36.2% stake in the Skarv licence. BP plc’s (BP - Free Report) affiliate Aker BP is the operator with 23.8% interest, while Wintershall Dea Norge and PGNiG Upstream Norway hold 28.1% and 11.9% stake in the license, respectively. The project came online just after six months of making the decision to develop it.
Markedly, the Grasel reservoir was discovered in 1998 and is estimated to hold 13 million barrels of oil equivalent. Aker BP is using the available capacity in Skarv floating production storage and offloading vessel to produce oil from the Grasel project. Total investment for the project was recorded at NOK 1.2 billion (almost $140 million).
Developing the Grasel project is another step for the partners in the Skarv license to make it a key hub for the surrounding oil and gas discoveries. Importantly, breakeven price for the project is $15 per barrel, which positions the companies involved for massive profits. The Brent Crude price has significantly recovered from last year’s historic low levels and is currently hovering well above the $70 per barrel mark.
Equinor has stakes in many such profitable upstream operations, wherein emissions are relatively low, which are expected to fund its transition to become a net-zero greenhouse gas emitter by 2050. The company is investing actively in renewable energy projects, comprising power generation from solar and wind energy. It expects to boost production capacities from renewables to 4-6 gigawatts by 2026.
Price Performance
Shares of the company have gained 41.7%, outperforming the industry’s 20.4% growth in the past year.
Earthstone’s sales for 2021 are expected to jump 87.7% year over year.
PHX Minerals’ bottom line for 2021 is expected to surge 180% year over year.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Image: Bigstock
Equinor (EQNR) & Partners Commence Profitable Grasel Production
Equinor ASA (EQNR - Free Report) and partners recently commenced production from the Grasel field in the Skarv area, four months ahead of schedule. The site is located in the northern part of the Norwegian Sea.
Equinor owns a 36.2% stake in the Skarv licence. BP plc’s (BP - Free Report) affiliate Aker BP is the operator with 23.8% interest, while Wintershall Dea Norge and PGNiG Upstream Norway hold 28.1% and 11.9% stake in the license, respectively. The project came online just after six months of making the decision to develop it.
Markedly, the Grasel reservoir was discovered in 1998 and is estimated to hold 13 million barrels of oil equivalent. Aker BP is using the available capacity in Skarv floating production storage and offloading vessel to produce oil from the Grasel project. Total investment for the project was recorded at NOK 1.2 billion (almost $140 million).
Developing the Grasel project is another step for the partners in the Skarv license to make it a key hub for the surrounding oil and gas discoveries. Importantly, breakeven price for the project is $15 per barrel, which positions the companies involved for massive profits. The Brent Crude price has significantly recovered from last year’s historic low levels and is currently hovering well above the $70 per barrel mark.
Equinor has stakes in many such profitable upstream operations, wherein emissions are relatively low, which are expected to fund its transition to become a net-zero greenhouse gas emitter by 2050. The company is investing actively in renewable energy projects, comprising power generation from solar and wind energy. It expects to boost production capacities from renewables to 4-6 gigawatts by 2026.
Price Performance
Shares of the company have gained 41.7%, outperforming the industry’s 20.4% growth in the past year.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Earthstone Energy, Inc. and PHX Minerals Inc. (PHX - Free Report) , each having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earthstone’s sales for 2021 are expected to jump 87.7% year over year.
PHX Minerals’ bottom line for 2021 is expected to surge 180% year over year.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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