Equinor ASA (EQNR - Free Report) recently won 23 licenses for production in new prospects of the Norwegian Continental Shelf (NCS). The awards were conferred by the country’s Ministry of Petroleum and Energy. Of the 23 new production licenses, the company operates in 14 while the rest nine are operated by partner firms.
The NCS region supporting Norway’s energy industry provides a pool of significant direct and indirect employment opportunities. Of the total issued licenses, eight are located in the North Sea, eight in the Norwegian Sea and seven in the Barents Sea. Considering the fact that Equinor already has a strong presence in the region, this will likely allow the company to use its existing infrastructure for profitable and low-carbon development.
Nick Ashton, Equinor’s senior vice president for exploration in Norway and the United Kingdom, stated: “The award enables us to mature new prospects and prove profitable resources that can be developed within the scope of our new climate roadmap for the Norwegian continental shelf (NCS)”.
The authority offered a total of 69 production licenses in the NCS to 28 companies, which can boost confidence in the country’s oil and gas industry. Of the total licenses issued, 33 are located in the North Sea while 23 and 13 are in the Norwegian and Barents Sea, respectively.
Another Norwegian company Aker BP won 15 licenses of which it will operate in nine prospects. The U.S. upstream energy player ConocoPhillips (COP - Free Report) also secured five licenses along with three operatorships. The list comprising other names with exploration licenses to their credit include France’s TOTAL S.A. (TOT - Free Report) , Spain’s Repsol, Canada’s Suncor Energy Inc. (SU - Free Report) et al.
Price Performance & Zacks Rank
Equinor has lost 10.3% in the past year, underperforming 4.6% decline of the industry it belongs to. Currently, the company has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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