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Equinor (EQNR) Gets Approval to Drill Well Offshore Argentina
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Equinor ASA (EQNR - Free Report) will drill an offshore exploration well after receiving authorization from the government of Argentina.
The exploration well, Argerich-1, is part of an offshore drilling project in the North Argentina Basin. The authorization is for the period between Dec 15, 2023, and Jun 15, 2024. Offshore drilling contractor Valaris will drill the exploration well.
The planned exploration well targets deepwater area CAN-100, which is about 300 kilometers offshore of the province of Buenos Aires. The CAN-100 block is considered to be the largest one in the North Argentina Basin.
The project received approval on Dec 6 after the Argentine Justice canceled a precautionary measure that stopped offshore oil exploration in the area. The authorization follows Equinor’s request, wherein it raised the necessity to execute the offshore project.
The offshore project created a controversy in Argentina at the end of December 2021, when the Argentina Ministry of the Environment approved the seismic exploration of hydrocarbons in three CAN blocks. Equinor is the operator of the three areas.
Argentina is in the grips of an economic crisis, with its economy expected to see slight growth in 2023 or even an economic contraction. Despite this, Argentina’s energy sector highlights some optimism as production continues to increase. Argentina is on track to produce an expected one million barrels of oil per day by 2026.
Price Performance
Shares of Equinor have outperformed the industry in the past three months. The stock has gained 2.4% against the industry’s 4.3% decline.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $2.93 and $4.01, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents.
Evolution Petroleum has a Zacks Style Score of A for Growth, and B for Value and Momentum. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 and 1.05 per share, respectively.
PHX Minerals is an oil and natural gas mineral company. The company posted first-quarter 2023 earnings of 11 cents per share, beating the Zacks Consensus Estimate of earnings of 7 cents per share.
PHX has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for the company’s 2023 and 2024 earnings per share is pegged at 28 cents and 45 cents, respectively.
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Equinor (EQNR) Gets Approval to Drill Well Offshore Argentina
Equinor ASA (EQNR - Free Report) will drill an offshore exploration well after receiving authorization from the government of Argentina.
The exploration well, Argerich-1, is part of an offshore drilling project in the North Argentina Basin. The authorization is for the period between Dec 15, 2023, and Jun 15, 2024. Offshore drilling contractor Valaris will drill the exploration well.
The planned exploration well targets deepwater area CAN-100, which is about 300 kilometers offshore of the province of Buenos Aires. The CAN-100 block is considered to be the largest one in the North Argentina Basin.
The project received approval on Dec 6 after the Argentine Justice canceled a precautionary measure that stopped offshore oil exploration in the area. The authorization follows Equinor’s request, wherein it raised the necessity to execute the offshore project.
The offshore project created a controversy in Argentina at the end of December 2021, when the Argentina Ministry of the Environment approved the seismic exploration of hydrocarbons in three CAN blocks. Equinor is the operator of the three areas.
Argentina is in the grips of an economic crisis, with its economy expected to see slight growth in 2023 or even an economic contraction. Despite this, Argentina’s energy sector highlights some optimism as production continues to increase. Argentina is on track to produce an expected one million barrels of oil per day by 2026.
Price Performance
Shares of Equinor have outperformed the industry in the past three months. The stock has gained 2.4% against the industry’s 4.3% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Equinor currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Seadrill Limited (SDRL - Free Report) , Evolution Petroleum Corporation (EPM - Free Report) and PHX Minerals Inc. (PHX - Free Report) . SDRL and EPM currently sport a Zacks Rank of 1 (Strong Buy), and PHX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for SDRL’s 2023 and 2024 earnings per share is pegged at $2.93 and $4.01, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents.
Evolution Petroleum has a Zacks Style Score of A for Growth, and B for Value and Momentum. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 and 1.05 per share, respectively.
PHX Minerals is an oil and natural gas mineral company. The company posted first-quarter 2023 earnings of 11 cents per share, beating the Zacks Consensus Estimate of earnings of 7 cents per share.
PHX has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for the company’s 2023 and 2024 earnings per share is pegged at 28 cents and 45 cents, respectively.