BAKU, Azerbaijan, July 24
By Leman Zeynalova - Trend:
Norway’s Equinor company expects market volatility to continue going forward, Trend reports citing the company.
“The long-term market implications from Covid-19, with possible lower demand and reduced investments in the industry, remain uncertain,” the company said.
However, Equinor said its strategic direction remains firm and the it is committed to develop as a broad energy company to create value in a low carbon future.
“Together with our partners, we have taken positive investment decisions for transportation and storage of CO2 in the Northern Lights project and for the Sleipner field to be partly electrified with renewable energy from shore,” the company said.
Equinor delivered total equity production of 2,011 mboe per day in the second quarter, at the same level as in the same period in 2019, with strong growth in liquids production on the NCS.
Adjusting for portfolio transactions and government-imposed curtailments, this represents a production growth of more than 4 percent compared to the second quarter of 2019.
The flexibility in some gas fields was used to defer significant production into periods with higher expected gas prices. Successful ramp-up of new fields, including Johan Sverdrup, as well as new well capacity, contributed to growth in production.
At the end of the second quarter Equinor has completed 15 exploration wells with 6 commercial discoveries and 2 wells under evaluation. 17 wells were ongoing at the quarter end. Adjusted exploration expenses in the quarter were $0.28 billion, compared to $0.24 billion in the same quarter of 2019.
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