BAKU, Azerbaijan, February 9. Norway’s Equinor achieved robust production in the fourth quarter, averaging 2,197 mboe per day, marking a notable increase from 2,046 in the corresponding quarter of 2022, Trend reports.
This growth propelled the overall production for 2023 to a commendable 2.1 percent, surpassing the revised guidance of 1.5 percent. The surge in equity liquids and gas production by 14 percent and 1 percent respectively compared to the same period in 2022 can be attributed primarily to the outstanding performance at the Johan Sverdrup field and the successful integration of new wells into production. Additionally, contributions from the international portfolio, particularly the attainment of plateau production at the Peregrino field and robust performance from US offshore assets, further bolstered the production increase.
Moreover, there was a significant uptick in power production from renewable sources, totaling 694 GWh for the quarter, marking a substantial 34% increase from the corresponding period last year. This notable surge was predominantly fueled by onshore production from Rio Energy in Brazil and Wento in Poland, as well as contributions from Hywind Tampen. Notably, the UK's Dogger Bank, the world's largest offshore windfarm, commenced its power generation operations in the fourth quarter and is currently undergoing production ramp-up. When factoring in UK gas-to-power operations, total power production for the quarter reached 1,241 GWh, highlighting Equinor's commitment to renewable energy and sustainable practices.
---
Follow the author on X: @Lyaman_Zeyn