Yahoo Finance Equinor (EQNR) Submits Development Plan for Eirin Gas Field
Equinor ASA EQNR proposed a plan to the Ministry of Petroleum and Energy to advance its Eirin gas discovery in the North Sea.
Located in the central region of the North Sea, the Eirin gas discovery is positioned northwest of the Gina Krog field. The discovery is estimated to hold 27.6 million barrels of oil equivalent.
The latest development will involve installing subsea equipment, which will be connected to Equinor’s Gina Krog platform. The project’s total investment is expected to be slightly above NOK 4 billion ($373.2 million).
Leveraging the infrastructure of the Gina Krog platform will enable Eirin to deliver new gas to Europe, while maintaining strong profitability and minimizing CO2 emissions during production. The development will extend Gina Krog’s productive life from 2029 to 2036. This extension is of significant importance to the Sleipner area.
This marks the first offshore field development proposal submitted to Norwegian authorities this year. The Erin development is crucial to extend the lifespan of current infrastructure and increase the supply of gas to Europe.
Production from the field is anticipated to commence in 2025. The gas extracted from the Eirin field will be exported with gas from the Gina Krog field through the Sleipner A platform.
Extending Gina Krog’s productive life creates an opportunity to further develop and utilize additional new reserves in the surrounding area. Equinor operates the field with a 78.2% stake, while Kuwait Foreign Petroleum Exploration Company holds the rest.
By electrifying the Gina Krog platform and partially electrifying Sleipner, Equinor claims that the production from the Eirin field will yield minimal emissions. This is equivalent to three kilograms of CO2 per barrel of oil equivalents.
Hydrocarbon discoveries constitute a substantial revenue stream for Equinor. Each discovery contributes to the expansion of the company's asset portfolio, bolstering its overall value. Equinor is actively engaged in the pursuit of new hydrocarbon reserves.
Price Performance
Shares of EQNR have outperformed the industry in the past six months. The stock has gained 19.6% compared with the industry’s 12.4% 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 flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners, LP USAC is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower.
USA Compression Partners has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for USAC’s 2023 and 2024 earnings per share is pegged at 30 cents and 58 cents, respectively.
Enerplus Corporation ERF is an independent oil and gas production company with resources across Western Canada and the United States.
Enerplus has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for ERF’s 2023 and 2024 earnings per share is pegged at $2.26 and $2.66, respectively.
Helix Energy Solutions Group, Inc. HLX is an international offshore energy company that provides specialty services to the offshore energy industry, with a focus on their growing well intervention and robotics operations. HLX has witnessed upward earnings estimate revisions for 2023 and 2024 over the past 60 days.
The Zacks Consensus Estimate for Helix Energy’s 2023 and 2024 earnings per share is pegged at 48 cents and 87 cents, respectively. HLX currently has a Zacks Style Score of A for Momentum.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Enerplus Corporation (ERF) : Free Stock Analysis Report
Helix Energy Solutions Group, Inc. (HLX) : Free Stock Analysis Report
USA Compression Partners, LP (USAC) : Free Stock Analysis Report
Equinor ASA (EQNR) : Free Stock Analysis Report
