LNG

Equinor, the Norwegian LNG exporter and main supplier of pipeline natural gas to Europe, reported a 46 percent drop in net income as oil and gas prices declined, with pipeline gas values falling to under $9.50 per million British thermal units.

Equinor, the Norwegian oil and natural gas company and operator of the currently closed Hammerfest LNG export plant, reported second-quarter net income of $1.94 billion after a previous loss, helped by higher price and progress in the projects portfolio.

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.