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Equinor (EQNR) Brings Martin Linge Field Online From Shore
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Equinor ASA (EQNR - Free Report) recently commenced production from the Martin Linge oil and gas field after years of delays. The project was initially scheduled to come online in 2016 with cost of development of NOK 31.5 billion (around $3.67 billion), which shot up to NOK 63 billion (around $7.34 billion) due to massive cost overruns.
Recoverable resources from the field are estimated at 260 million barrels of oil equivalent. Peak production from the field is expected to reach 115,000 barrels of oil equivalent per day in 2022. Operator Equinor has a 70% stake in Martin Linge, while its partner state-run Petoro owns the rest. At a water depth of 115 meters, the field lies 42 kilometers west of Oseberg.
Using a new pipeline, gas from the field is being transported to St. Fergus in Scotland. The produced oil is processed in a permanently anchored oil storage vessel, from which it is shipped to the market through shuttle tankers. The field is powered by electric from Kollsnes substation in West Norway, through a 163-kilometer sea cable. Equinor expects carbon dioxide emission from the field to remain low, as activities are dependent on electricity from shore.
The company operates production wells and processing plant at the site from its control room in Stavanger. This is expected to reduce operating costs. Around 2,500 people have worked on the project to prepare the platform for production. The commencement of production from this field is expected to boost its production from the Norwegian continental shelf. Overall, Equinor is expected to reach a compound annual oil-equivalent production growth rate of 3% through 2026.
Price Performance
Shares of the company have gained 20% compared with the industry’s 20.4% growth in the past six months.
Antero Resources’ profits for 2021 are expected to surge 369.6% year over year.
Magellan Midstream’s bottom line for 2021 is expected to rise 7.2% year over year.
Pembina Pipeline’s bottom line for 2021 is expected to jump 42.2% year over year.
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Equinor (EQNR) Brings Martin Linge Field Online From Shore
Equinor ASA (EQNR - Free Report) recently commenced production from the Martin Linge oil and gas field after years of delays. The project was initially scheduled to come online in 2016 with cost of development of NOK 31.5 billion (around $3.67 billion), which shot up to NOK 63 billion (around $7.34 billion) due to massive cost overruns.
Recoverable resources from the field are estimated at 260 million barrels of oil equivalent. Peak production from the field is expected to reach 115,000 barrels of oil equivalent per day in 2022. Operator Equinor has a 70% stake in Martin Linge, while its partner state-run Petoro owns the rest. At a water depth of 115 meters, the field lies 42 kilometers west of Oseberg.
Using a new pipeline, gas from the field is being transported to St. Fergus in Scotland. The produced oil is processed in a permanently anchored oil storage vessel, from which it is shipped to the market through shuttle tankers. The field is powered by electric from Kollsnes substation in West Norway, through a 163-kilometer sea cable. Equinor expects carbon dioxide emission from the field to remain low, as activities are dependent on electricity from shore.
The company operates production wells and processing plant at the site from its control room in Stavanger. This is expected to reduce operating costs. Around 2,500 people have worked on the project to prepare the platform for production. The commencement of production from this field is expected to boost its production from the Norwegian continental shelf. Overall, Equinor is expected to reach a compound annual oil-equivalent production growth rate of 3% through 2026.
Price Performance
Shares of the company have gained 20% compared with the industry’s 20.4% growth in the past six months.
Zacks Rank & Stocks to Consider
Equinor currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space include Antero Resources Corporation (AR - Free Report) , Magellan Midstream Partners, L.P. and Pembina Pipeline Corporation (PBA - 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.
Antero Resources’ profits for 2021 are expected to surge 369.6% year over year.
Magellan Midstream’s bottom line for 2021 is expected to rise 7.2% year over year.
Pembina Pipeline’s bottom line for 2021 is expected to jump 42.2% year over year.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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