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Equinor (EQNR) Resumes Production at Norway's Njord Field
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Equinor ASA (EQNR - Free Report) resumed production at the Njord field in the Norwegian Sea after upgrading the platform, and the floating storage and offloading vessel (“FSO”).
In 2016, the field’s platform and Njord Bravo FSO were brought ashore after almost two decades of production, setting up a renewed energy hub in the Norwegian Sea.
This was the first time a platform and a FSO have been disconnected from the field and received extensive upgrades. With the upgrades, the company expects the Njord field to produce for another 20 years.
The Njord field is an important asset in Equinor’s portfolio in Norway. The project brings the company closer to its production target of 200,000 barrels of oil equivalent per day on the Norwegian Continental Shelf.
Equinor mentioned that 10 wells would be drilled from an upgraded drilling facility. Discoveries have been made at the outer edges of the Njord field, and additional exploration will be executed in the nearby area.
The project will double the field’s lifetime and provide a focus for tie-ins in the area. The project aligns well with the company’s strategy of focusing more on core areas with the potential for extra synergies.
According to plans, the Njord field will receive power from shore in a few years through the Draugen platform in the Norwegian Sea and be partially electrified. This will reduce carbon dioxide emissions by 130,000 tons per year.
The platform and FSO have been designed to receive production from two new subsea fields — Bauge and Fenja — with 110 million barrels of recoverable resources. The return of the Njord field will unlock the potential for exploration in the nearby area.
Price Performance
Shares of Equinor have underperformed the industry in the past three months. The stock has gained 9.6% compared with the industry’s 23.5% growth.
Phillips 66 (PSX - Free Report) is the leading player in each of its operations, including refining, chemicals and midstream, in terms of size, efficiency and strengths. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
PSX is expected to see an earnings rise of 242.6% in 2022. Phillips 66’s board of directors authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips 66’s strong focus on returning capital to stockholders.
MPLX LP (MPLX - Free Report) is a master limited partnership that provides a wide range of midstream energy services, including fuel distribution solutions. MPLX’s third-quarter earnings of 96 cents per unit beat the Zacks Consensus Estimate of 81 cents.
MPLX is expected to see an earnings rise of 35.3% in 2022. MPLX’s distribution per unit was 77.5 cents for the third quarter, indicating a 10% hike from the prior distribution of 70.5 cents.
Schlumberger Limited (SLB - Free Report) is a leading oilfield services company, providing services to oil and gas explorers and producers across the world. SLB’s third-quarter 2022 earnings of 63 cents per share beat the Zacks Consensus Estimate of 55 cents.
Schlumberger is expected to see an earnings surge of 68% in 2022. As of Sept 30, 2022, SLB had approximately $3,609 million in cash and short-term investments. It had long-term debt of $12,452 million at the end of the third quarter.
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Equinor (EQNR) Resumes Production at Norway's Njord Field
Equinor ASA (EQNR - Free Report) resumed production at the Njord field in the Norwegian Sea after upgrading the platform, and the floating storage and offloading vessel (“FSO”).
In 2016, the field’s platform and Njord Bravo FSO were brought ashore after almost two decades of production, setting up a renewed energy hub in the Norwegian Sea.
This was the first time a platform and a FSO have been disconnected from the field and received extensive upgrades. With the upgrades, the company expects the Njord field to produce for another 20 years.
The Njord field is an important asset in Equinor’s portfolio in Norway. The project brings the company closer to its production target of 200,000 barrels of oil equivalent per day on the Norwegian Continental Shelf.
Equinor mentioned that 10 wells would be drilled from an upgraded drilling facility. Discoveries have been made at the outer edges of the Njord field, and additional exploration will be executed in the nearby area.
The project will double the field’s lifetime and provide a focus for tie-ins in the area. The project aligns well with the company’s strategy of focusing more on core areas with the potential for extra synergies.
According to plans, the Njord field will receive power from shore in a few years through the Draugen platform in the Norwegian Sea and be partially electrified. This will reduce carbon dioxide emissions by 130,000 tons per year.
The platform and FSO have been designed to receive production from two new subsea fields — Bauge and Fenja — with 110 million barrels of recoverable resources. The return of the Njord field will unlock the potential for exploration in the nearby area.
Price Performance
Shares of Equinor have underperformed the industry in the past three months. The stock has gained 9.6% compared with the industry’s 23.5% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Equinor currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Phillips 66 (PSX - Free Report) is the leading player in each of its operations, including refining, chemicals and midstream, in terms of size, efficiency and strengths. PSX’s third-quarter 2022 adjusted earnings per share of $6.46 beat the Zacks Consensus Estimate of $4.98.
PSX is expected to see an earnings rise of 242.6% in 2022. Phillips 66’s board of directors authorized a $5-billion increase to its stock repurchase program, bringing the total share repurchases authorized since 2012 to $20 billion. This reflects Phillips 66’s strong focus on returning capital to stockholders.
MPLX LP (MPLX - Free Report) is a master limited partnership that provides a wide range of midstream energy services, including fuel distribution solutions. MPLX’s third-quarter earnings of 96 cents per unit beat the Zacks Consensus Estimate of 81 cents.
MPLX is expected to see an earnings rise of 35.3% in 2022. MPLX’s distribution per unit was 77.5 cents for the third quarter, indicating a 10% hike from the prior distribution of 70.5 cents.
Schlumberger Limited (SLB - Free Report) is a leading oilfield services company, providing services to oil and gas explorers and producers across the world. SLB’s third-quarter 2022 earnings of 63 cents per share beat the Zacks Consensus Estimate of 55 cents.
Schlumberger is expected to see an earnings surge of 68% in 2022. As of Sept 30, 2022, SLB had approximately $3,609 million in cash and short-term investments. It had long-term debt of $12,452 million at the end of the third quarter.