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    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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Real-time Oslo Bors  -  10:28 2022-12-01 am EST
376.90 NOK   -0.58%
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Canada releases draft guidance on new oil and gas project emissions

10/05/2022 | 12:40pm EST
The Imperial Strathcona Refinery which produces petrochemicals is seen near Edmonton

(Reuters) - Canada has released draft guidelines on how new oil and gas projects should demonstrate "best-in-class" greenhouse gas emissions performance, following up on a government announcement first made in April.

The guidance, released late on Tuesday, is intended to clarify for industry what is expected of projects going through federal regulatory assessment, said Environment Canada spokesperson Oliver Anderson.

Canada, the world's fourth-largest oil producer, has pledged to cut carbon emissions 40-45% below 2005 levels by 2030, and reach net-zero emissions by 2050.

Prime Minister Justin Trudeau's Liberal government is trying to balance its climate ambitions with the interests of the oil and gas sector, which makes up around 5% of Canadian GDP, but is also the highest-polluting sector of the economy.

Environment Canada first promised requirements for new projects to demonstrate best-in-class emissions standards on the same day it approved Equinor's huge Bay du Nord offshore project. At the time, there was uncertainty among industry players what best-in-class meant.

The draft guidance outlines how companies should identify the best emissions performance of similar projects globally, within different categories including offshore oil, liquefied natural gas or oil sands upgrading.

Then the company needs to show regulators how their project will match that best-in-class performance, or explain what circumstances would prevent them from doing so. Companies also need to demonstrate how they would aim to get projects towards net-zero emissions.

"This is not saying net zero is a standard requirement, but when project approvals are being made what we want to see is a plan to get there, or what circumstances may not make it possible," Anderson said.

The federal government is also consulting on a separate oil and gas emissions cap.

Environment Canada is accepting comments on the guidance until Dec. 3 and expects to publish a final version in 2023.

(Reporting by Nia Williams)

By Nia Williams


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 1.64% 88.05 Delayed Quote.9.01%
EQUINOR ASA -0.58% 376.9 Real-time Quote.60.70%
GOLD 1.45% 1799.78 Delayed Quote.-4.40%
S&P GSCI NATURAL GAS INDEX -0.56% 322.549 Real-time Quote.85.79%
WTI 1.96% 82.189 Delayed Quote.4.48%
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Analyst Recommendations on EQUINOR ASA
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Financials (USD)
Sales 2022 155 B - -
Net income 2022 24 206 M - -
Net cash 2022 15 686 M - -
P/E ratio 2022 4,72x
Yield 2022 6,76%
Capitalization 121 B 121 B -
EV / Sales 2022 0,68x
EV / Sales 2023 0,64x
Nbr of Employees 21 126
Free-Float 30,1%
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Technical analysis trends EQUINOR ASA
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 25
Last Close Price 38,07 $
Average target price 38,21 $
Spread / Average Target 0,37%
EPS Revisions
Managers and Directors
Anders Opedal President & Chief Executive Officer
Torgrim Reitan Chief Financial Officer & Executive Vice President
Jon Erik Reinhardsen Chairman
Jannicke Nilsson Chief Operating Officer
Siv Helen Rygh Torstensen Executive Vice President-Legal & Compliance
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