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Equinor (EQNR) Grants Aibel NOK 8 Billion Worth Key Accord
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Equinor ASA (EQNR - Free Report) recently announced that it has awarded a key contract to Aibel for the Hammerfest LNG renovations, as part of the Snohvit Future project. The contract awaits government’s approval of the project.
Aibel has been granted an EPCI contract, involving the engineering, procurement, construction and installation of two additional processing modules for the Melkoya plant's onshore compression and electrification. It will also construct a new receiving station for power from the shore and work on plant integration. The contract is an option under Aibel's FEED (front-end engineering and design) contract, which was granted back in September 2020.
Mette H. Ottoy, Equinor's chief procurement officer, showed immense conviction and had a strong outlook, since Aibel has been one of their primary suppliers for Hammerfest LNG since its inception in 2007. Aibel will also modify current systems at Hammerfest LNG to extend the plant’s life until 2050. It will also issue several important contracts to its subcontractors for work at the facility this year and next, as well as support the employment of local suppliers in key phases of the project, including construction. The engineering/design work begins right away. The majority of the construction work is expected to take place between 2024 and 2026.
Snohvit Future, Melkoya's greatest project since the plant's commissioning, will have far-reaching consequences. It is projected that more than 70% of the value creation will go to Norwegian enterprises, with Northern Norway accounting for more than a third of this. Throughout the project’s duration, regional employment is expected to total 1680 person-years (5400 person-years nationally).
The Snohvit Future project at Melkya consists of online compression and electrification of Hammerfest LNG. Compression is necessary to provide sufficient flow of gas to the plant when reservoir pressure declines. The project will extend plateau production and assure high gas exports, jobs, and ripple effects beyond 2030, while lowering CO2 emissions from the facility by 850,000 tons per year, or 2% of total Norwegian emissions. The Norwegian parliament has agreed to cut Norwegian emissions by 55% by 2030. The Snohvit Future project will receive NOK 13.2 billion in investment, assuring the plant's continuing operation until 2050.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) sporting a Zacks Rank #1, and Halliburton Company (HAL - Free Report) and PBF Energy Inc. (PBF - Free Report) both carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the business to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Halliburton Company, one of the major oilfield service companies in the world, provides a range of construction, engineering, and maintenance services to the energy, industrial, and government sectors. Over the past 30 days, HAL has witnessed upward earnings estimate revisions.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2023.
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Equinor (EQNR) Grants Aibel NOK 8 Billion Worth Key Accord
Equinor ASA (EQNR - Free Report) recently announced that it has awarded a key contract to Aibel for the Hammerfest LNG renovations, as part of the Snohvit Future project. The contract awaits government’s approval of the project.
Aibel has been granted an EPCI contract, involving the engineering, procurement, construction and installation of two additional processing modules for the Melkoya plant's onshore compression and electrification. It will also construct a new receiving station for power from the shore and work on plant integration. The contract is an option under Aibel's FEED (front-end engineering and design) contract, which was granted back in September 2020.
Mette H. Ottoy, Equinor's chief procurement officer, showed immense conviction and had a strong outlook, since Aibel has been one of their primary suppliers for Hammerfest LNG since its inception in 2007. Aibel will also modify current systems at Hammerfest LNG to extend the plant’s life until 2050. It will also issue several important contracts to its subcontractors for work at the facility this year and next, as well as support the employment of local suppliers in key phases of the project, including construction. The engineering/design work begins right away. The majority of the construction work is expected to take place between 2024 and 2026.
Snohvit Future, Melkoya's greatest project since the plant's commissioning, will have far-reaching consequences. It is projected that more than 70% of the value creation will go to Norwegian enterprises, with Northern Norway accounting for more than a third of this. Throughout the project’s duration, regional employment is expected to total 1680 person-years (5400 person-years nationally).
The Snohvit Future project at Melkya consists of online compression and electrification of Hammerfest LNG. Compression is necessary to provide sufficient flow of gas to the plant when reservoir pressure declines. The project will extend plateau production and assure high gas exports, jobs, and ripple effects beyond 2030, while lowering CO2 emissions from the facility by 850,000 tons per year, or 2% of total Norwegian emissions. The Norwegian parliament has agreed to cut Norwegian emissions by 55% by 2030. The Snohvit Future project will receive NOK 13.2 billion in investment, assuring the plant's continuing operation until 2050.
Zacks Rank & Key Picks
Equinor currently carries a Zack Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include Murphy USA Inc. (MUSA - Free Report) sporting a Zacks Rank #1, and Halliburton Company (HAL - Free Report) and PBF Energy Inc. (PBF - Free Report) both carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the business to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Halliburton Company, one of the major oilfield service companies in the world, provides a range of construction, engineering, and maintenance services to the energy, industrial, and government sectors. Over the past 30 days, HAL has witnessed upward earnings estimate revisions.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2023.