LNG

Nov 2 (LNGJ) - Equinor of Norway installed its new Chief Executive Anders Opedal, the first engineer to lead the state-controlled major supplier of pipeline natural gas to Western Europe. Opedal, who replaced Eldar Saetre, said the company would still increase oil and gas output by 3 percent per year through to 2026. Equinor owns the Hammerfest LNG plant, closed for the next year after a fire on September 28.

   CEO Opedal also referred to the ambitions of many companies to achieve net zero emissions by 2025. “This requires a well-functioning market for carbon capture and storage (CCS) and natural sinks, as well as the development of competitive technologies for hydrogen. Building on its capabilities from oil and gas, Equinor is well positioned to provide low-carbon technologies and establish zero-emission value chains,” he explained.

   “The net-zero ambition will strengthen future competitiveness and value creation at the Norwegian Continental Shelf (NCS). Equinor’s plans for production, development and exploration at the NCS remain firm,” said the new CEO. “Equinor also assumes that an increasing share of oil and gas will be used for petrochemicals towards 2050,” Opedal added.

Oct 29 (LNGJ) - Equinor, the Norwegian oil and gas company whose Hammerfest LNG plant is closed until October 2021 after a fire in September, reported an operating loss of US$2.02 billion following net impairments of $2.93Bln mainly due to reduced future price assumptions. The company’s adjusted earnings came to $780 million and $270M after tax in the third quarter.

   “Our financial results are impacted by weak prices as regions across the world are still severely affected by the pandemic,” said Eldar Saetre, President and Chief Executive of Equinor. “Net impairments in the quarter are mainly due to reduced price assumptions. Significant uncertainty remains around future commodity price development, underlining the importance of increased competitiveness and financial resilience,” added the CEO.

Equinor, the Norwegian energy company whose pipeline natural gas competes with LNG in Europe, swung to a first-quarter net loss of $710 million as it took a $2.45 billion hit for impairment charges in response to the Covid-19 pandemic and the oil price wipe out.

Equinor, one of the main pipeline natural gas suppliers to Europe and operator of the Norwegian oil and gas fields and the Hammerfest LNG export plant, said it was proud to bring on stream the Johan Sverdrup oil and gas project with its long-term energy and financial benefits.

July 25 (LNGJ) - Equinor, one of the main pipeline natural gas suppliers to Europe and operator of the Hammerfest LNG export plant, reported second-quarter adjusted earnings of $3.15 billion, down from $4.31Bln a year ago and $1.13Bln after tax, a drop from $1.70Bln in the 2018 quarter. “We deliver overall solid operational performance and maintained high production in a quarter with lower commodity prices and high maintenance activity,” said Eldar Saetre, Equinor’s President and Chief Executve.

   “We continue to progress our highly competitive projects delivering production growth towards 2025. Today we announce that we have improved the world-class Johan Sverdrup project even further,” added the CEO in reference to the Norwegian oil and gas field

   The Johan Sverdrup venture pipelines will transport around 6 million cubic metres of natural gas per day to the Norwegian Karsto gas terminal, while the oil export pipeline will transport 660,000 barrels of oil per day to the Mongstad terminal.

Feb 7 (LNGJ) - Statoil, the Norwegian oil and gas company and operator of Western Europe’s only baseload LNG production plant at Hammerfest, reported adjusted fourth-quarter overall earnings of $4 billion and $1.3Bln after tax. Statoil said the earnings were based on a solid operational performance with record production in the final three months of 2017. “In a recovering market, we delivered strong earnings and cash flow from all business segments,” said Chief Executive and President Eldar Saetre. At an average oil price of around $54 per barrel, Statoil said it generated 3.1Bln in free cash flow in 2017 and strengthened its financial position. 

Norwegian energy company Statoil, operator of the only European LNG export plant, said its third-quarter losses widened compared with last year as results were hit by low oil and natural gas prices, extensive planned maintenance and expensive exploration wells from previous periods.