Equinor And Partners Pump $1.1B Into Troll West Expansion, Fueling Europe's Future

Equinor ASA EQNR and the Troll partners have decided to invest just over NOK 12 billion (~$1.1 billion) to develop further the gas infrastructure in the Troll West gas province.

The investment will accelerate reservoir production and thus maintain the current high gas export levels from the Troll and Kollsnes value chain until 2030.

The company expects production from the reservoir equivalent to increase to about 55 billion standard cubic meters of gas, and at peak level, the annual contribution from the new development will amount to around 7 billion standard cubic meters of gas.

The stage 2 of the Troll Phase 3 project includes eight new wells from two new templates with subsea controls extended from existing templates, with the first wells are scheduled to come on stream at the end of 2026.

“We have been working alongside our partners, Gassco and the Norwegian authorities to maximise energy deliveries from the Norwegian continental shelf (NCS) since 2022. This project will allow Troll and Kollsnes to continue their substantial contributions to the role of the NCS in guaranteeing European energy security in challenging times. The gas from Trollalone meets around 10 % of Europe's demands," said Kjetil Hove, executive vice president for Exploration and Production Norway.

Last week, Equinor received approval from the New York State Public Service Commission to start building its Empire Wind 1 offshore wind farm.

Last month, Equinor reported first-quarter FY24 with $24.79 billion in adjusted revenue, beating consensus of $22.24 billion.

Investors can gain exposure to the stock via Macquarie ETF Trust Macquarie Energy Transition ETF PWER and Pacer Developed Markets International Cash Cows 100 ETF ICOW.

Price Action: EQNR shares are up 0.18% at $28.58 premarket at the last check Friday.

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