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Equinor delivers record high total equity production

Oil&Gas Materials 6 February 2020 10:59 (UTC +04:00)

BAKU, Azerbaijan, Feb.6

By Leman Zeynalova – Trend:

Norway’s Equinor delivered record high total equity production of 2,198 mboe per day in the fourth quarter, up 1 percent from the same period in 2018, Trend reports citing the company.

The company said that the flexibility in the gas fields was used to defer production into periods with higher expected gas prices.

“Successful start-up and ramp-up of new fields as well as new well capacity, contributed to growth in production. The Johan Sverdrup field was put in production 5 October 2019 and is currently producing more than 350.000 barrels per day from eight wells. The field is expected to reach plateau during the summer of 2020,” the company said in its report.

As of the end of fourth quarter 2019, Equinor said it has completed 42 exploration wells with 18 commercial discoveries. “Adjusted exploration expenses in the quarter were $0.44 billion, compared to $0.42 billion in the same quarter of 2018.”

“The organic proved reserve replacement ratio (RRR) was 83 percent, with a three-year average of 140 percent. With 6 billion barrels in proved reserves, Equinor’s reserves to production ratio (R/P) was 8.6 years.”

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 have substantial international activities. The company is engaged in exploration, development and production of oil and gas, as well as wind and solar power. Equinor sells crude oil and is a major supplier of natural gas, with activities in processing, refining, and trading.

Its activities are managed through eight business areas, staffs and support divisions, and the company has operations in North and South America, Africa, Asia, Europe and Oceania, and Norway.

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Follow the author on Twitter: @Lyaman_Zeyn

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