Equinor to see 40 mboe per day decline in 2019 output

Oil&Gas Materials 3 May 2019 12:01 (UTC +04:00)

Baku, Azerbaijan, May 3

By Leman Zeynalova – Trend:

Scheduled maintenance activity is estimated to reduce the quarterly production of Norway’ s Equinor by approximately 60 mboe per day in the second quarter of 2019, Trend reports citing the company.

In total, maintenance is estimated to reduce equity production by around 40 mboe per day for the full year of 2019, reads the report released by the Norwegian company.

The company expects its production for 2019 is estimated to be around the 2018 level.

“Organic capital expenditures for 2019 are estimated at around USD 11 billion. Equinor intends to continue to mature its large portfolio of exploration assets and estimates a total exploration activity level of around USD 1.7 billion for 2019, excluding signature bonuses. Equinor’s ambition is to keep the unit of production cost in the top quartile of its peer group,” reads the report.

For the period 2019 – 2025, production growth is expected to come from new projects resulting in around 3 percent CAGR (Compound Annual Growth Rate), said the company.

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.


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