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Equinor (EQNR) Boosts Snorre Life to 2040 Ahead of Schedule
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Equinor ASA (EQNR - Free Report) recently enhanced production from the aging Snorre project in the North Sea. The company has brought a project online at the site, which will likely expand the Snorre field’s productive life to 2040, while adding almost 200 million additional barrels of recoverable oil reserves.
The NOK 19.5 billion (almost $2.2 billion) Snorre expansion project came online well ahead of schedule despite the challenges due to the pandemic. It was originally expected to kick-start in first-quarter 2021. The company has a 33.3% operating ownership in the Snorre field. It has Petoro, Idemitsu Petroleum Norge, WintershallDea Norge and VårEnergi — a subsidiary of Italian energy major Eni S.p.A. (E - Free Report) — as partners in the field.
The expansion plan, which was approved by the Ministry of Petroleum and Energy in 2018, will require drilling of 24 new wells, divided into six subsea templates. Production from Snorre averaged 70,000 barrels of oil per day for the first nine months of 2020, which was loaded into tankers in the Gullfaks field. The field has been producing oil and gas since 1992.
In addition to increasing the life of the field, the latest move will increase efficient production and reduce the emission footprint. Moreover, around 35% of the power requirement in Snorre and Gullfaks fields will come from the Hywind Tampen project, which will comprise 11 floating wind turbines. The wind project is expected to come online in third-quarter 2022.
Importantly, the company recently acquired a stake in the conventional onshore assets in Russia through a Rosneft Deal. Per the deal, Equinor has bought a 49% interest in Russian onshore petroleum assets for $550 million. The company received a stake in limited liability company LLC KrasGeoNaC that carries 12 conventional onshore E&P licenses in Eastern Siberia.
Price Performance
Equinor’s stock has increased 4.3% in the past three months compared with the 8% rise for the industry.
Covanta Holding’s bottom line for 2021 is expected to rise 95.3% year over year.
Murphy USA’s sales for 2021 are expected to rise 12.8% year over year.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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Equinor (EQNR) Boosts Snorre Life to 2040 Ahead of Schedule
Equinor ASA (EQNR - Free Report) recently enhanced production from the aging Snorre project in the North Sea. The company has brought a project online at the site, which will likely expand the Snorre field’s productive life to 2040, while adding almost 200 million additional barrels of recoverable oil reserves.
The NOK 19.5 billion (almost $2.2 billion) Snorre expansion project came online well ahead of schedule despite the challenges due to the pandemic. It was originally expected to kick-start in first-quarter 2021. The company has a 33.3% operating ownership in the Snorre field. It has Petoro, Idemitsu Petroleum Norge, WintershallDea Norge and VårEnergi — a subsidiary of Italian energy major Eni S.p.A. (E - Free Report) — as partners in the field.
The expansion plan, which was approved by the Ministry of Petroleum and Energy in 2018, will require drilling of 24 new wells, divided into six subsea templates. Production from Snorre averaged 70,000 barrels of oil per day for the first nine months of 2020, which was loaded into tankers in the Gullfaks field. The field has been producing oil and gas since 1992.
In addition to increasing the life of the field, the latest move will increase efficient production and reduce the emission footprint. Moreover, around 35% of the power requirement in Snorre and Gullfaks fields will come from the Hywind Tampen project, which will comprise 11 floating wind turbines. The wind project is expected to come online in third-quarter 2022.
Importantly, the company recently acquired a stake in the conventional onshore assets in Russia through a Rosneft Deal. Per the deal, Equinor has bought a 49% interest in Russian onshore petroleum assets for $550 million. The company received a stake in limited liability company LLC KrasGeoNaC that carries 12 conventional onshore E&P licenses in Eastern Siberia.
Price Performance
Equinor’s stock has increased 4.3% in the past three months compared with the 8% rise for the industry.
Zacks Rank & Stocks to Consider
The company currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Covanta Holding Corporation and Murphy USA Inc. (MUSA - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Covanta Holding’s bottom line for 2021 is expected to rise 95.3% year over year.
Murphy USA’s sales for 2021 are expected to rise 12.8% year over year.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Download Marijuana Moneymakers FREE >>