Equinor Unveils Norwegian Sea Discovery, Projects 44M Barrels Of Recoverable Oil Equivalent

Equinor ASA EQNR, along with its partners Okea and Pandion Energy, made a gas and condensate discovery at the “Mistral Sør” exploration well in the southern Norwegian Sea.

What Happened: The company’s initial estimates suggest the discovery, in the Halten area, holds between 3 to 7 million standard cubic meters (Sm3) of recoverable oil equivalent. That’s projected to be between 19 and 44 million barrels.

The discovery was made in the Åsgard and Kristin area near Linnorm — the largest undeveloped gas discovery on the Norwegian continental shelf (NCS).

In 2024, another discovery was made in Lavrans, now being developed as a tie-back to Kristin Sør.

Why It Matters: "Norwegian gas is in high demand and is crucial to Europe's energy security,” Grete B. Haaland, Equinor's senior vice president, said.

This discovery was made in an area where gas infrastructure is already in place.

“We have active exploration efforts under way in this area, which have resulted in several discoveries in recent years," Haaland continued.

Last month, the company disclosed fourth-quarter revenue and other income of $27.654 billion. The consensus estimate stood at $25.973 billion.

The company projects oil and gas production growth of over 10% from 2024-2027, while investments in renewables and low-carbon solutions will be reduced to $5 billion after project financing.

Investors can gain exposure to the stock via Keating Active ETF KEAT and Pacer Developed Markets International Cash Cows 100 ETF ICOW.

Price Action: Equinor shares are down 0.09% at $22.46 premarket at the last check Wednesday.

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