Equinor's Arctic Johan Castberg Oilfield delayed by weather
A spokesperson for Equinor said that the start-up of oil production at Equinor’s Arctic Johan Castberg Field has again been delayed due to bad weather. Castberg will become the second oilfield to come on stream in the Norwegian Barents Sea sector after Vaar Energi’s Goliat, which came online in 2016. Equinor previously stated that it would start up the field at the end February after delaying its launch from the end 2024.
Equinor Norway LNG plant will be off-line March 10-14
According to a Friday regulatory filing, Equinor will shut down its Hammerfest LNG Terminal from March 10 through March 14 to perform "corrective maintenance". This will reduce the daily production capacity from 18.4 millions cubic metres to zero. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year.
EUROPE GAS prices extend gains amid LNG worries and colder weather
The European and British wholesale prices of gas extended their gains from the day before, due to colder weather forecasts. They also increased in order to maintain competitive pricing for LNG deliveries with Asia. LSEG data show that the March contract for the Dutch TTF hub rose 0.80 euros, or $13.94/mmBtu to 45.73 Euros per Megawatt Hour (MWh) at 0920 GMT. It had traded as high as 46.45 Euros/MWh on Friday.
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.2%.
Italy's Saipem and Norway's Subsea 7, to create a leader in energy services
Saipem, an Italian company, has agreed to merge its Norwegian competitor Subsea 7 into a global leader in offshore energy services. The deal is a 100% share transaction. The two companies announced that the combined group will be called Saipem7. It will have a backlog of orders of over 45 billion euros, revenue of around 20 billion and core earnings exceeding 2 billion. Saipem shares rose more than 5% before falling more than 4.5%.
Local news reports say that Equinor is planning to sell its assets in Argentina.
Mas Energia, a Mas Energia-published online magazine, reported that the Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region, citing anonymous sources. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report.
Local news reports say that Equinor is planning to sell its assets in Argentina.
Mas Energia, citing anonymous sources, reported that Norwegian oil and gas company Equinor was looking to sell their onshore assets located in Argentina's Vaca Muerta Region. Equinor has appointed Bank of America as the agent to sell its 30% stake in Bandurria Sur and 50% in Bajo del Toro Norte. However, no decision on the divestment has been taken yet, according to the report.
EQT's profit for the fourth quarter beats estimates due to higher natural gas prices and sales
EQT's fourth-quarter profit exceeded analysts' estimates on Tuesday as the natural gas company benefited from increased prices and sales. The natural gas price rose during the first quarter of this year, reaching a peak that has not been seen in two years. This was due to an increase in gas flow to export plants for liquefied gas. Prices were also boosted by the forecast of more cold weather for January…
Aker BP's top shareholder claims that the company has opportunities for acquisition.
Aker BP is a Norwegian oil exploration and production firm that was formed through a series mergers and purchases in the past decade. Its top shareholder stated on Friday that there are opportunities to consolidate further on Norway's Continental Shelf. Aker BP is aiming to increase its production to over 500,000 barrels of oil-equivalent per day by 2028.
Equinor's trading arm and the French energy regulator fined Equinor $12.5 million
The French energy regulator CRE fined Equinor of Norway and its trading subsidiary Danske Commodities 12 million euros ($12.5million) for violating wholesale gas market regulations. The Norwegian group announced that Equinor, Danske and the other companies fined 4 and 8 millions euros, respectively, would appeal the decision. In its announcement of Thursday…
Equinor will continue with the Rosebank oil and Gas Project in Britain
The UK manager of Equinor, the Norwegian oil and natural gas producer, said Wednesday at a conference on energy in New Delhi that the company will continue to develop its Rosebank oil field. Equinor, along with its partner Ithaca Energy, wants to develop the Rosebank Oil and Gas Field. However the plans to develop one of Britain's final major oil…
Aker BP and Total are seeking to increase their stakes in the giant Equinor oilfield
Aker BP announced on Wednesday that TotalEnergies, Aker BP and Equinor are seeking a review of their shares in Equinor’s Johan Sverdrup field in order to increase their holdings. Sverdrup, which is built across several offshore oil-and-gas licences, is owned by Equinor 42.63%, Aker BP 31.57%, Norwegian oil company Petoro 17,36%, and France's TotalEnergies 8.44%.
Aker BP and Total are seeking to increase their stake in the giant Equinor oilfield
Aker BP announced on Wednesday that TotalEnergies, Aker BP and Equinor are seeking an independent assessment of their stakes within Equinor’s Johan Sverdrup field in order to increase their holdings. Sverdrup, which is built across a number of offshore oil and gas licenses, is owned by Equinor 42.63%, Aker BP 31.57%, Norwegian oil company Petoro 17.36%, and France's TotalEnergies 8.44%.
Vaar Energi raises dividends, Q4 profits in line
Vaar Energi, a company listed in Oslo and majority owned by Eni of Italy, raised its dividend on Tuesday, while reporting a fourth quarter operating profit that was in line with expectations. Vaar's earning before interest and taxes (EBIT) rose from $399 to $1 billion in the quarter of October-December, a rise that was in line with the $1.03 billion average forecast of 13 analysts polled by the company.
European firms exposed as Trump targets US offshore wind
U.S. President Donald Trump in his first day of office on Monday suspended new federal offshore wind leasing pending an environmental and economic review, saying wind mills are ugly, expensive and harm wildlife.Former President Joe Biden supported the offshore wind industry, setting a target for 30 gigawatts (GW) of projects by 2030, up from 42 megawatts at the end of 2023…
Tanzania hopes to complete talks on LNG project by June
Tanzania has begun discussions with investors about tax incentives for a project that is stalled to build a $42 billion plant of liquefied gas in the country. Energy Minister Doto Biteko announced this on Tuesday. He added the talks might be concluded by June. The mega-gas project in Tanzania is operated by Equinor, Shell, Pavilion Energy, Medco Energi, and Tanzania's National Oil Company TPDC.
Bloomberg News reports that Equinor believes EU may require 350 additional LNG cargoes in order to replenish reserves.
Helge Haugane, head of Equinor's gas and power trading, told Bloomberg News that the European Union could need up to 350 additional cargoes this year of liquefied gas (LNG). Haugane stated that in the worst case scenario, European reserves of gas could only be 30% full at the end winter. He added that it will be crucial to attract cargoes over the summer for the storage to be refilled…
EU May Need 350 additional LNG Cargoes
Helge Haugane, head of Equinor's gas and power trading, told Bloomberg News that the European Union could need up to 350 additional cargoes this year of liquefied gas (LNG).Haugane stated that in the worst case scenario, European reserves of gas could only be 30% full at the end winter. He added that it will be crucial to attract cargoes over the summer for the storage to be refilled…
Equinor Q4 profit beats forecast, raises 2030 oil output target
Equinor reported slightly higher profits than expected for the final quarter in 2024. It also increased its oil and natural gas production forecast, and scaled back plans to expand renewable energy capacity. Equinor's poll of 24 analysts predicted that the Norwegian oil and gas company would earn $7.90 billion in adjusted earnings for October-December, down from $8.56 million a year ago.
Equinor reduces renewable energy targets due to industry headwinds
Equinor, a Norwegian energy company, has announced that it will reduce its ambitious targets for developing renewable energy by 2030. This is the latest European energy firm to lower green goals as the renewables market dries up. Equinor has followed in the footsteps of BP and Shell who have cut back on plans to expand renewable energy. This includes…
