Equinor’s production to decrease in Q1 2019
By Trend
Scheduled maintenance activity is estimated to reduce quarterly production of Norway’s Equinor by approximately 15 mboe per day in the first quarter of 2019, Trend reports citing the data from Equinor.
In total, maintenance is estimated to reduce equity production by around 40 mboe per day for the full year of 2019, according to Equinor’s report.
Equinor intends to continue to mature its large portfolio of exploration assets and estimates a total exploration activity level of around USD 1.7 billion for 2019, excluding signature bonuses.
Equinor’s ambition is to keep the unit of production cost in the top quartile of its peer group.
For the period 2019 – 2025, production growth is expected to come from new projects resulting in around 3 percent CAGR (Compound Annual Growth Rate), according to the report.
Production for 2019 is estimated to be around the 2018 level, says Equinor.
Organic capital expenditures for 2019 are estimated at around USD 11 billion, reads the report.
Equinor is an international energy company present in more than 30 countries worldwide, including several of the world’s most important oil and gas provinces.
It is the leading operator on the Norwegian continental shelf and has substantial international activities. Equinor is engaged in exploration, development and production of oil and gas, as well as wind and solar power. The company sells crude oil and is a major supplier of natural gas, with activities in processing, refining, and trading.
Azerbaijan is one of Equinor’s largest and longest-standing international commitments. It has been operating in Azerbaijan since 1992 and is one of the largest foreign investors. Today Equinor has an interest in the Azeri-Chirag-Gunashli (ACG) oil field, as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline.
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