BAKU, Azerbaijan, Feb.11
By Leman Zeynalova – Trend:
Norway’s Equinor expects production for 2022 to be around 2 percent above 2021 level, Trend reports with reference to the company.
Organic capital expenditures are estimated at an annual average of around USD 10 billion for 2022-2023 and at an annual average of around USD 12 billion for 2024-2025.
Equinor’s ambition is to keep the unit of production cost in the top quartile of its peer group.
Scheduled maintenance activity is estimated to reduce equity production by around 40 mboe per day for the full year of 2022.
Total equity liquids and gas production was 2,158 mboe per day in the fourth quarter of 2021, compared to 2,043 mboe per day in the fourth quarter of 2020. The increase was mainly due to deferred turnarounds performed in the fourth quarter of 2020 as a result of Covid-19 implications on the Norwegian continental shelf, positive contributions from Martin Linge and Gina Krog in addition to higher flexible gas off-take partially offset by the divestment of an unconventional US onshore asset in the second quarter of 2021 and expected natural decline.
Total entitlement liquids and gas production was 2,012 mboe per day in the fourth quarter of 2021, compared to 1,912 mboe per day in the fourth quarter of 2020. The production was influenced by the factors mentioned above in addition to lower entitlements under production sharing agreements (PSA) as a result of higher prices. The net effect of PSA and US royalties was in total 145 mboe per day in the fourth quarter of 2021 compared to 131 mboe per day in the fourth quarter of 2020.
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