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Equinor (EQNR) to Recommence Loading Activities at Sture Facility

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Equinor ASA (EQNR - Free Report) will recommence loading activities at its Sture crude export terminal located on the west coast of Norway, per a report by Reuters.

Sture is a major export facility for crude oil, which is being transported through pipelines from several offshore fields, including the company's Oseberg field.

Loading operations at the Sture terminal were interrupted last week after environmental activists from the Extinction Rebellion group breached the safety zone of the facility. Activists entered the security zone with a sailing boat and blocked a road that led to the terminal. Hence, the company discontinued the loading activities of the TS Bergen Aframax vessel. Apart from this, Equinor’s other activities were not affected.

Per a media release, Equinor signed an agreement with the Ulsan Offshore Wind Countermeasures Committee to proceed with the Firefly project in South Korea. Firefly is an 800-MW floating wind project, which is being developed by Equinor about 70 kilometers east of the Ulsan Port. The area involves two sites, each having a 75-square kilometer size.

The Offshore Wind Countermeasures Committee, an Ulsan-based fishermen organization,and Equinor formed a consulting body to promote the project and focus on compensating for losses to the fishing industry. The parties also agreed to cooperate to gain approval for the power generation business license for the project.

Equinor plans to increase its renewable capacity installed by 30 times by 2035. The company aims to become a global offshore wind major and sees strong potential for offshore wind in South Korea, a country considered to be an important market for floating offshore wind.

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. Its stock has gained 4.9% against the industry’s 2.1% fall.

 

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Zacks Rank & Stocks to Consider

The company currently has a Zack Rank #3 (Hold).

Some better-ranked players in the energy space are Eni SPA (E - Free Report) , EOG Resources, Inc. (EOG - Free Report) and ConocoPhillips (COP - 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.

Eni’s earnings for 2021 are expected to increase 26.1% year over year.

EOG Resources’ earnings for 2021 are expected to rise 10.1% year over year.

ConocoPhillips’ earnings for 2021 are expected to increase 11.6% year over year.


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