BAKU, Azerbaijan, March 31
By Leman Zeynalova – Trend:
Scheduled maintenance activity of Equinor is estimated to reduce equity production by around 50 mboe per day for the full year of 2021, Trend reports with reference to the company.
Production for 2021 is estimated to be around 2 percent above 2020 level.
Organic capital expenditures are estimated at an annual average of USD 9-10 billion for 2021-2022. Equinor intends to continue to mature its attractive portfolio of exploration assets and estimates a total exploration activity level of around USD 0.9 billion for 2021, excluding signature bonuses, accruals and field development costs. Equinor’s ambition is to keep the unit of production cost in the top quartile of its peer group.
For the period 2020–2026, production growth is expected to come from new projects resulting in around 3 percent CAGR (Compound Annual Growth Rate) based on current forecast.
Equinor sets ambitions to reach carbon neutral global operations by 2030 and to reach net-zero emissions by 2050, including emissions from production and use of energy. Equinor announced changes to the reporting segments, corporate structure and the Corporate Executive Committee (CEC) to further strengthen its ability to deliver on Equinor’s always safe, high value, low carbon strategy. The changes will support improved value creation from Equinor’s world-class oil and gas portfolio, accelerated profitable growth within renewables and the development of low carbon solutions.
Equinor’s access to crude oil in the form of equity, governmental and third-party volumes makes Equinor a large seller of crude oil, and Equinor is the second-largest supplier of natural gas to the European market. Processing, refining, offshore wind and carbon capture and storage are also part of our operations. In recent years, Equinor has utilised its expertise to design and manage operations in various environments to grow upstream activities outside the traditional area of offshore production.
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