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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Equinor ASA    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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171.8 NOK   +0.47%
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Equinor Says Production Has Started at Norway's Giant Johan Sverdrup Field

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10/07/2019 | 03:25am EST

By Dominic Chopping

Equinor ASA (EQNR.OS) and its partners on the Johan Sverdrup field in the North Sea said over the weekend that production on the giant field started on Saturday, more than two months ahead of schedule and 40 billion Norwegian kroner ($4.4 billion) under budget.

"Johan Sverdrup coming on stream is a momentous occasion... at peak, this field will account for around one third of all oil production in Norway," said Equinor Chief Executive Eldar Saetre. "Johan Sverdrup is expected to generate income from production of more than NOK1.4 trillion of which more than NOK900 billion to the Norwegian state and society."

Johan Sverdrup has expected recoverable reserves of 2.7 billion barrels of oil equivalent and the full field can produce up to 660,000 barrels of oil a day at peak.

The break-even price for the full-field development is less than $20 a barrel. After reaching plateau for the first phase, initially expected during the summer of 2020, expected operating costs are below $2 a barrel. The operator also expects cash flow from operations of around $50 a barrel in 2020, based on a real oil price of $70 a barrel, partly as a result of the phasing of tax payments in the ramp-up phase.

The plan for development and operation for Johan Sverdrup phase 1 had set a target for production start-up in late December 2019. Since the PDO was approved in August 2015, investment costs for the first phase of the development have been reduced by NOK40 billion to now NOK83 billion.

The Johan Sverdrup partnership consist of Equinor as operator and partners Lundin Petroleum, Petoro AS, Aker BP ASA (AKERBP.OS) and Total.

Write to Dominic Chopping at dominic.chopping@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AKER BP ASA 0.08% 262.2 Delayed Quote.20.18%
EQUINOR ASA 0.50% 171.9 Delayed Quote.-6.94%
LUNDIN PETROLEUM 0.03% 304.7 Delayed Quote.37.58%
TOTAL -0.73% 48.39 Real-time Quote.5.59%
WTI -0.37% 56.7 Delayed Quote.25.46%
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Latest news on EQUINOR ASA
01:46aEQUINOR ASA : Share buy-back
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11/20EQUINOR : EIOF - Report for 3rd Quarter 2019
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11/20EQUINOR : SOCAR, Equinor to start drilling at Karabakh oilfield
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11/20EQUINOR : share saving plan allocates shares
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11/20EQUINOR : share saving plan allocates shares
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11/19EQUINOR ASA : - Notifiable trading
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11/19EQUINOR ASA : - Ex-dividend
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11/19EQUINOR ASA : Share buy-back
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11/18AKER : to Provide Inspection Services for Equinor Assets in Norway
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11/18EQUINOR ASA : Notifiable trading
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More news
Financials (USD)
Sales 2019 68 876 M
EBIT 2019 13 790 M
Net income 2019 4 062 M
Debt 2019 16 408 M
Yield 2019 5,53%
P/E ratio 2019 14,9x
P/E ratio 2020 10,7x
EV / Sales2019 1,14x
EV / Sales2020 1,05x
Capitalization 61 945 M
Chart EQUINOR ASA
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Technical analysis trends EQUINOR ASA
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 21,56  $
Last Close Price 18,73  $
Spread / Highest target 45,3%
Spread / Average Target 15,1%
Spread / Lowest Target -15,7%
EPS Revisions
Managers
NameTitle
Eldar Sætre President & Chief Executive Officer
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer & Executive Vice President
Lars Christian Bacher Chief Financial Officer & Executive Vice President
Anders Opedal Executive VP-Technology, Projects & Drilling
Sector and Competitors
1st jan.Capitalization (M$)
EQUINOR ASA-6.94%61 915
ROYAL DUTCH SHELL3.49%232 742
TOTAL5.59%141 868
PETROCHINA COMPANY LIMITED-23.19%137 690
PETRÓLEO BRASILEIRO S.A. - PETROBRAS26.90%93 507
GAZPROM PAO--.--%85 891