LNG

Equinor, the Norwegian energy company and the main pipeline natural gas supplier to the UK and the European Union, has brought online the world’s largest offshore wind farm as part of a joint venture development.

The 41st edition of the CERAWeek energy conference in Houston attended by around 6,000 delegates focused on the second day on issues such as European and US natural gas and also on the main Texas commodity - crude oil.

Norwegian energy major Equinor, the main supplier of pipeline natural gas to Europe and an LNG producer and exporter, reported soaring profits and record cash flow from becoming the primary gas supplier to its European neighbours after the cutting of Russian gas pipelines.

Leading European pipeline natural gas and LNG supplier Equinor of Norway said record high production levels continued in the third quarter as Europe received 11 percent more gas from the Norwegian Continental Shelf and profits rose from trading gas and power at higher prices.

Equinor posted a multiple increase in net profits and revenues as it stepped up to boost European energy security with more pipeline gas, a re-started LNG plant and 18 percent higher gas output from the Norwegian Continental Shelf.

Norwegian energy company Equinor, whose Hammerfest LNG plant comes back on stream in mid-May 2022, said “unprecedented” European natural gas prices in the second half resulted in record high annual and fourth-quarter adjusted earnings after gas output was boosted.

Equinor’s shutdown of the Hammerfest LNG plant and maintenance at the Peregrino oil field offshore Brazil affected earnings, while higher natural gas volumes were offset by a fall in renewables because there was not enough offshore wind in the North Sea.

Equinor of Norway, the largest natural gas producer in Western European fields, said it was selling its assets in the oil-rich Bakken shale formation in the US states of North Dakota and Montana as it reported quarterly and annual losses and wrote-down assets by almost $1 billion on the Tanzania LNG project.

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.