Equinor ASA (EQNR) , a Norwegian state-owned energy company, has scrapped its plans to export blue hydrogen to Germany due to high costs and a lack of sufficient demand, per media reports. The move came at the heels of the company's initial partnership with German energy giant RWE, which was established in January 2022 to create a hydrogen supply network aimed at reducing greenhouse gas emissions in German power plants. Cost and Lack of Demand Force EQNR to Reevaluate Partnership Equinor initially expected ...

Equinor ASA (EQNR) , a Norwegian state-owned energy powerhouse, has successfully anchored its floating production, storage, and offloading vessel (FPSO) on the Johan Castberg field in the Barents Sea. This marks a critical step as the FPSO is now set for hook-up to subsea facilities, paving the way for initiating production toward the end of 2024. EQNR Anchors FPSO, Prepares for Subsea Hook-Up The FPSO is currently being hooked up to the subsea infrastructure on the Johan Castberg field, according to Trond ...

A fresh move by an analyst following the stock didn't do it any favors. The market drained the energy from energy stock Equinor (EQNR -4.83%) on Tuesday. Rather than movement on company news, the Norwegian oil and gas major took a hit when an analyst tracking its stock cut his price target. By the end of the day's trading session, Equinor's share price had withered by almost 5%, comparing unfavorably with the relatively modest 2.2% decline of the S&P 500 index. Cutting while maintaining The person behind th ...

Equinor ASA (EQNR) , the Norwegian energy giant, is set to scale back its renewables unit, prioritizing profitability over expansion in the wake of escalating costs and diminishing returns, per a Bloomberg report. The move marks a strategic shift for the company as it navigates the challenges currently facing the renewable energy sector. Equinor's Strategic Shift in Focus According to an internal memo reported by Bloomberg, Equinor will undertake fewer renewable projects and limit its operations to certain ...

Equinor ASA (EQNR) , a Norwegian energy giant, announced the cancellation of its offshore wind projects in Spain and Portugal, following a previous similar decision to exit Vietnam. This strategic withdrawal came at the heels of the company facing mounting costs in the offshore wind sector due to inflation, high interest rates and supply chain delays. The company's head of renewables, Paal Eitrheim, shared these updates in an interview with Reuters on Wednesday. EQNR Navigates Rising Costs by Exiting Key Wi ...

Equinor ASA (EQNR) , a Norwegian energy firm, has announced its withdrawal from Vietnam's offshore wind sector. The company has scrapped its plan to invest in the offshore wind segment of the Southeast Asian country. This announcement is seen as a major blow to Vietnam's ambitions to reduce the usage of coal and shift to cleaner alternatives. Vietnam's Renewables Targets and Regulatory Hurdles Vietnam has highlighted that it intends to develop wind farms with a capacity of 6 gigawatts (GW) by 2030. Currentl ...

Equinor ASA (EQNR) , a Norwegian energy giant, announced a significant investment plan in oil and natural gas projects offshore Norway. The company intends to invest 60-70 billion Norwegian crowns (approximately $5.7-$6.7 billion) annually until 2035. This substantial commitment was made despite the global push for cleaner energy sources and the declining production from many of Norway's offshore fields. Investment Focus on Norway's Offshore Potential Anders Opedal, CEO of Equinor, revealed the investment p ...

Equinor ASA (EQNR) , a Norwegian energy firm, halted production at its Gullfaks C platform in the North Sea. The company stated that the shutdown was due to an incident with a well at the platform. Furthermore, as a security measure, some workers were evacuated from the platform. The Gullfaks C platform encountered a well-control incident, per a company spokesperson, who also mentioned that it was unclear when the Gullfaks C platform would return online.The incident has affected only the Gullfaks C platform ...

Equinor ASA (EQNR) , along with Exxon Mobil Corporation (XOM) ,has announced its exit from Suriname Block 59. ExxonMobil, as the leader of the consortium, has transferred its ownership in Block 59 to Hess Corporation in a non-financial transaction. Equinor's decision to depart from the South American nation aligns with the company's broader objective to focus on a few core production areas, such as Norway, the U.S. Gulf of Mexico and Brazil. The company also intends to boost its investments in renewables an ...

Total quarterly revenues increased to $25,462 million from $22,870 million in the prior-year quarter. However, the top line missed the Zacks Consensus Estimate of $25,927 million. Segmental Analysis The company's average daily production of liquids and gas increased 5% year over year to 1,375 thousand barrels of oil equivalent per day (MBoe/d). The figure was also above our estimate of 1,310 Mboe/d. The strong performance can be attributed to high production levels, supported by well-executed turnarounds an ...