Equinor ASA (NYSE:EQNR) shares are trading higher today. The company discovered a new oil field 17 kilometers west of the Troll field in the North Sea, with estimated reserves ranging between 2 and 12 million barrels of oil equivalent. The Ringand discovery contains both oil and gas.
With an estimated volume of 0.3 to 2 million Sm3, it marks the second recent discovery in the area. However, the discovery is unlikely to be commercially viable for development on its own.
Geir Sørtveit, Equinor’s senior vice president for Exploration & Production West on the Norwegian continental shelf, said, “It’s a small discovery, but in an interesting area that we plan to further explore with much existing infrastructure. If more discoveries are made, it may be relevant to combine these to ensure good resource utilisation and the best possible economy.”
Last week, Equinor and partners reached financial close and made a Final Investment Decision to proceed with the U.K.’s first carbon capture and storage projects.
Investors can gain exposure to the stock via Keating Active ETF (NASDAQ:KEAT).
Price Action: EQNR shares are up 1.27% at $22.63 at the last check Tuesday.
Read Next:
Photo via Company.
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article North Sea Surprise: Equinor Uncovers New Reserves Near Troll Field originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
