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    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
  Report
Real-time Oslo Bors  -  10:26 2022-12-07 am EST
360.70 NOK   -1.43%
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Equinor submits plans to develop major British North Sea oilfield

08/04/2022 | 01:01pm EST
FILE PHOTO: Equinor's logo is seen next to the company's headquarters in Stavanger

LONDON (Reuters) - Norway's Equinor on Thursday submitted to British regulators plans for the development of a major oilfield in the North Sea which is expected to start production in late 2026.

The environmental statement for the Rosebank field is a key step towards the approval of the development of the field, one of few known major prospects in the ageing basin.

In the online document, Equinor, the operator, said the field would be developed in two phases in which the wells will be connected to a floating production, storage and offloading (FPSO) vessel on which the oil and gas will be processed.

The field's gas will be exported from the FPSO via a new pipeline to the existing West of Shetland Pipeline systems (WOSPS). The oil will be offloaded using tankers.

First production from the field is expected in the fourth quarter of 2026, Equinor said.

Oil production is expected to peak at around 70,000 barrels per day during 2027-2029. Gas production is predicted to peak at 1.72 million cubic metres per day between 2029 and 2031, before steadily declining.

The environmental statement is now open to public consultation.

A spokesperson for Equinor said the company aims to make a final investment decision on the field in the first quarter of 2023.

Equinor and Suncor Energy each have a 40% interest in the Rosebank project, while Ithaca Energy has the remaining 20%.

The progress on Rosebank comes weeks after Shell gave the greenlight for the development of the North Sea's Jackdaw gas field, even after the government imposed a 25% additional windfall tax on the sector.

However, firms can offset a big chunk of the new tax by investing in new oil and gas fields, a mechanism the government says is designed to help energy security.

Climate activists at Greenpeace plan to mount a legal challenge against the Jackdaw development.

(Reporting by Ron Bousso; Editing by Kirsten Donovan)

By Ron Bousso


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -2.96% 77.31 Delayed Quote.6.41%
EQUINOR ASA -1.43% 360.7 Real-time Quote.55.13%
SUNCOR ENERGY INC. -0.66% 40.66 Delayed Quote.29.32%
VESSEL CO., LTD. 1.85% 6040 End-of-day quote.70.14%
WTI 0.03% 72.557 Delayed Quote.2.68%
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Analyst Recommendations on EQUINOR ASA
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Financials (USD)
Sales 2022 155 B - -
Net income 2022 24 546 M - -
Net cash 2022 15 686 M - -
P/E ratio 2022 4,45x
Yield 2022 7,17%
Capitalization 114 B 114 B -
EV / Sales 2022 0,64x
EV / Sales 2023 0,60x
Nbr of Employees 21 126
Free-Float 30,1%
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Technical analysis trends EQUINOR ASA
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 25
Last Close Price 35,92 $
Average target price 38,35 $
Spread / Average Target 6,77%
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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