Baku, Azerbaijan, Feb.6
By Leman Zeynalova – Trend:
Norway’s Equinor delivered total equity production of 2,170 mboe per day in the fourth quarter, an increase from 2,134 mboe per day in the same period in 2017, Trend reports citing the company.
The increase was mainly due to portfolio changes and new wells especially in the US onshore, according to the report.
“New fields coming on stream added to the increase. Expected natural decline in addition to reduced gas off-take partially offset the increase.”
Equinor delivered all-time high production in 2018 with an underlying production growth of more than 2 percent.
“In 2018 we sanctioned seven new projects, which will deliver more than 1 billion barrels of resources to Equinor at an average breakeven price of 14 dollars and very low CO2 emissions. In the quarter, we started production at Aasta Hansteen, Oseberg Vestflanken and Big Foot, and at the Apodi solar plant in Brazil. We also had the winning bid in an offshore wind lease round offshore Massachusetts in the US," says Eldar Sætre, President and CEO of Equinor ASA.
As of year-end 2018, Equinor had completed 24 exploration wells with nine commercial discoveries. “Adjusted exploration expenses in the quarter were $417 million, up from $274 million in the same quarter of 2017, mainly due to higher seismic and drilling activity.”
Adjusted earnings were USD 4.4 billion in the fourth quarter, up from USD 4 billion in the same period in 2017, said the company. “Adjusted earnings after tax were USD 1.5 billion, up from USD 1.3 billion in the same period last year.”
“High production at higher prices contributed to the increase. Due to sales pricing mechanisms in the market, the significant fall in oil prices led to a negative one-off effect with a higher than normal differential between realized liquids prices and Brent Blend average. In addition, higher exploration activity and lower refinery and products trading margins impacted adjusted earnings negatively. For the full year, adjusted earnings were USD 18 billion, up 42 percent from USD 12.6 billion in 2017,” reads the report.
Equinor is an international energy company present in more than 30 countries worldwide, including several of the world’s most important oil and gas provinces.
It is the leading operator on the Norwegian continental shelf and has substantial international activities. Equinor is engaged in exploration, development and production of oil and gas, as well as wind and solar power. The company sells crude oil and is a major supplier of natural gas, with activities in processing, refining, and trading.
Azerbaijan is one of Equinor’s largest and longest-standing international commitments. It has been operating in Azerbaijan since 1992 and is one of the largest foreign investors. Today Equinor has an interest in the Azeri-Chirag-Gunashli (ACG) oil field, as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline.
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