BAKU, Azerbaijan, Apr.29
By Leman Zeynalova – Trend:
Average daily equity production of liquids and gas by Norway’s Equinor was 360 mboe per day in the first quarter of 2021 compared to 421 mboe per day in the first quarter of 2020, Trend reports citing the company.
The decrease was primarily due to natural decline in mature fields and repairs on Peregrino in Brazil resulting in a production halt, partially offset by field specific production on the UK continental shelf and in Russia.
Average daily entitlement production of liquids and gas was 267 mboe per day in the first quarter of 2021 compared to 322 mboe per day in the first quarter of 2020. The decrease was due to lower equity production partially offset by lower effects from production sharing agreements (PSA). The net effects from PSA were 93 mboe per day in the first quarter of 2021 compared to 98 mboe per day in the first quarter of 2020.
Net operating income was positive USD 261 million in the first quarter of 2021 compared to negative USD 312 million in the first quarter of 2020. The increase was mainly due to higher liquids and gas prices, lower depreciation and lower exploration expenses, in addition to lower impairments in the first quarter of 2021 compared to the first quarter of 2020. The increase was partially offset by lower entitlement production in the first quarter of 2021. In the first quarter of 2021, net operating income was negatively impacted by net underlifted volumes of USD 66 million and impairments of USD 55 million.
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