Equinor Discovers Gas And Condensate In Norwegian Sea: Details

Equinor ASA EQNR shares are trading lower premarket Tuesday. The company and its partners have discovered gas and condensate in development well 6406/2-L-2 H, located 260 kilometers southwest of Brønnøysund.

The well was drilled as part of the Lavrans discovery, which is currently under development.

The Transocean Spitsbergen rig completed the drilling in production license 199 within the Haltenbanken Vest Unit in the Norwegian Sea.

The company states that preliminary estimates suggest the discovery holds 2-4 million standard cubic meters (Sm³) of recoverable oil equivalent.

Last month, the company disclosed plans to invest 60-70 billion Norwegian crowns ($5.7-$6.7 billion) annually in offshore oil and gas projects in Norway until 2035.

The company planned to drill 20-30 exploration wells annually over the next decade and expects to supply 40 billion cubic meters of gas to Europe annually until 2035.

Also, in August, the company canceled its plans to invest in Vietnam’s offshore wind sector, dealing a blow to the nations’ green energy ambitions.

Investors can gain exposure to the stock via SGI Enhanced Global Income ETF GINX and Keating Active ETF KEAT.

Price Action: EQNR shares are down 0.48% at $24.83 premarket at the last check Tuesday.

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