Key Takeaways Equinor received permits to drill two wildcat wells in the North Sea.Drilling will use Deepsea Atlantic and COSLInnovator semi-sub rigs.EQNR operates PL 057 and PL 554, having 31% and 40% working interest, respectively.Equinor ASA (EQNR) , a Norwegian integrated energy company, has secured drilling permits from the Norwegian Offshore Directorate to drill two wildcat wells in the North Sea. Wildcat wells are exploratory wells drilled in regions where hydrocarbons have not been previously detect ...

Energy and Financials continue to lead the value landscape, with Petrobras (PBR), Bank of New York Mellon (BK), and Equinor (EQNR) all screening attractively. Market skepticism around the durability of cash flows in these sectors remains entrenched.From Petrobras (PBR), trading at an Acquirer’s Multiple (AM) of 4.1 with a hefty 35.0% free cash flow yield, to Bank of New York Mellon (BK) at just 2.1 AM supported by steady buybacks and dividends, investors continue to discount strong cash-generating franchise ...

Norwegian energy company Equinor has secured two permits from the Norwegian Offshore Directorate (NOD) to drill wildcat wells in the North Sea. The permits cover wellbore 34/4-19 S in production licence 057 and wellbore 34/6-9 S in production licence 554, with planned spud dates in September for the latter and October 2025 for the former. Production licence 057, awarded in 1979, is operated by Equinor with a stake of 31%. Other partners in this licence include Petoro (30%), Harbour Energy Norge (24.5%), ...

Core Viewpoint - Equinor supports Orsted's core business in offshore wind farm development but is not currently considering a merger of their renewables operations [1] Company Insights - Equinor's board chair expressed confidence in Orsted's capabilities within the offshore wind sector [1] - The current strategic focus for Equinor does not include merging its renewable energy business with Orsted's [1]

Core Insights - Equinor ASA has extended the contracts for two DOF Group platform supply vessels, Skandi Flora and Skandi Mongstad, until October 2026, reinforcing a long-term partnership in North Sea operations [1][10] Group 1: Contract Extensions and Operations - The Skandi Flora, built in 2009, and Skandi Mongstad, built in 2008, will continue under Equinor's charter, with an additional renewal option available for 2026 [2][10] - DOF's collaboration with Equinor includes integrated subsea and support projects across Norway, emphasizing Equinor's strategy to maintain reliable offshore capacity with experienced Norwegian operators [3] Group 2: Industry Demand and Financial Implications - The recent contract extension follows DOF's acquisition of two multi-year anchor handling deals worth over $220 million with Petrobras, indicating strong industry demand for versatile support vessels [4] - The ongoing partnership ensures operational continuity for Equinor amid robust North Sea activity, while DOF benefits from a solid backlog and enhanced fleet presence in key regions [4]

Group 1 - Equinor is identified as Europe's largest natural gas provider, positioning the company favorably for potential gas shortages in Europe this winter [1] - The likelihood of a gas crunch occurring in Europe this winter is considered to be high, which could lead to increased demand for Equinor's services [1]

Group 1 - Morgan Stanley has lowered the target price for Equinor ASA from 248 Norwegian Krone to 230 Norwegian Krone [1]

Core Insights - Equinor ASA has drilled a dry exploration well in the Barents Sea, indicating no commercial hydrocarbons were found in the latest prospect [1] Group 1: Well Details - The dry well, named Deimos (7117/4-1), was drilled using the COSL Prospector rig and is located about 135 km west of the Snøhvit field [2] - Equinor holds a 40% stake in the production license 1238, with partners Vår Energi, Aker BP, and Petoro each holding 20% [2] Group 2: Geological Results - The drilling targeted Eocene and Paleocene reservoir rocks of the Torsk Formation, but high pressures necessitated a technical sidetrack, leaving both primary and secondary targets unmet [3] - A four-meter sandstone layer with good reservoir quality was encountered, but no commercial hydrocarbons were discovered [3] Group 3: Operational Impact - The well reached a vertical depth of 2,511 meters below sea level in a water depth of 283 meters before being classified as dry and set to be permanently plugged and abandoned [4] - This outcome represents a setback for Equinor's exploration efforts in the Barents Sea, although other activities in the region, such as around Johan Castberg, continue [4] Group 4: Broader Context - The rig deal for the COSL Prospector includes a two-year contract with options to extend, providing flexibility for ongoing and future exploration in Norwegian waters [5]

Core Viewpoint - Equinor's Rosebank oil field project has been suspended due to regulatory requirements for a comprehensive lifecycle carbon emissions assessment in the environmental impact report [1] Group 1: Project Overview - The Rosebank oil field, discovered in 2004, is located 130 kilometers northwest of the Shetland Islands and is estimated to hold 336 million barrels of oil equivalent, making it the largest undeveloped oil and gas field in UK waters [1] - The project was initially planned to commence development drilling in Q2 2025, with a peak production forecast of 70,000 barrels per day of crude oil and 1.8 million cubic meters per day of natural gas, potentially meeting 7% of the UK's oil demand at its peak [1] Group 2: Regulatory Changes - A ruling by the Scottish Supreme Civil Court in 2024 mandated that environmental impact assessments must include not only direct emissions from extraction but also downstream emissions from the combustion of oil and gas [1] - Following this ruling, the UK Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) required Equinor to resubmit the environmental statement according to the new regulations, leading to the suspension of the project at a critical decision-making stage [1] Group 3: Timeline Implications - Equinor is required to submit the revised assessment documents by the end of 2025, but new permits are not expected to be approved until at least 2026 [1] - Consequently, development drilling has been postponed to early 2026, with production start potentially delayed until after 2027 [1] - Market participants have noted that this situation highlights the uncertainty of the regulatory environment in the UK North Sea [1]

Core Viewpoint - Equinor has committed nearly $1 billion in new funding to support Orsted, demonstrating confidence in the offshore wind developer amid challenges in the industry [1][2] Group 1: Financial Commitment and Shareholding - Equinor intends to participate in Orsted's planned capital raise of 60 billion Danish kroner (approximately $9.4 billion) while maintaining a 10% stake in the company [1] - Orsted's stock rose by 3.6% in the Danish market following the announcement, although it has seen a nearly 90% decline from its peak in 2021 [2] Group 2: Project Challenges and Government Actions - The Revolution Wind project, which is 80% complete, has faced a work stoppage order from the Trump administration, impacting its expected power supply to 350,000 households in Rhode Island and Connecticut [1][4] - The Trump administration has been actively targeting offshore wind projects, including a recent cancellation of $679 million in federal funding for various offshore wind infrastructure projects [3] Group 3: Industry Context and Future Outlook - Equinor's support for Orsted may indicate a potential merger consideration for two offshore wind projects, although challenges remain regarding political support and investment exposure [2] - Orsted has faced multiple setbacks in the U.S., including project cancellations and asset write-downs, leading to a downgrade in its credit rating to the lowest tier of investment grade [5]