Equinor hopes for a dry well near Troll, for potential CO₂ storage

For the first time, an exploration well is being drilled in the North Sea where the objective is not to find oil or gas. New York State governor Andrew M. Cuomo announced Equinor’s Empire Wind. Equinor and Masdar have joined forces with ORE Catapult to share floating offshore wind data. The well is being drilled south of the Troll field in the North Sea, and the objective is to investigate. Company announced 25 July 2019 dividend per share of USD 0.26 for second quarter 2019. On Wednesday November 13, 2019 Equinor ASA guaranteed by Equinor Energy AS. The deep Johansen Formation is suitable for storage of carbon dioxide (CO₂). Equinor has signed an agreement to divest to Repsol its 63% interest in.

Equinor and partners ExxonMobil, Idemitsu and Neptune have discovered oil and gas in exploration well Echino South. The Northern Lights project, consisting of Equinor, Shell and Total, is drilling wildcat well 31/5-7 Eos. On behalf of the Gullfaks and Snorre partners, Equinor signed contracts totalling around NOK 3.3 billion. Equinor reports adjusted earnings of USD 2.59 billion and USD 1.08 billion after tax in the third quarter of 2019. CPIH and Equinor have signed a Memorandum of Understanding. The West Hercules rig is responsible for the operation. The 816 megawatt offshore wind project will bring renewable energy to New York consumers.

Assistant director Tjelta Johansen says “This part of the Johansen Formation may be well-suited as a storage facility for CO₂”.

Operational data from the world’s first floating offshore wind farm, Hywind Scotland, is now available to access. The NOK dividend per share is based on average USDNOK fixing rate from Norges Bank. It will be the first well to be drilled in exploitation license 001. Its onshore business in the Eagle Ford in the US state of Texas. Recoverable resources are estimated at 6-16 million standard cubic metres of oil equivalent. The contracts have been awarded to Kværner AS, Siemens Gamesa Renewable Energy AS, JDR Cable System Ltd. IFRS net operating income was negative USD 0.47 billion. The objective of the well is to prove sandstone and the storage potential for CO₂ in the Cook.

IFRS net income was negative USD 1.11 billion. The MoU also opens for potentially expanding the collaboration between the two companies. The signing of five major contracts is a key milestone in realizing the Hywind Tampen pioneer project. The companies also want to examine the sealing properties of the overlying Dunlin shale. China is rapidly increasing its use of renewables and natural gas. Financial results impacted by lower prices and deferral of gas production to capture higher value. It indicates good reservoir properties. Company making one of this year’s biggest discoveries in the most mature area of the Norwegian continental shelf (NCS).

Won in international competition, the contracts prove that the oil and gas industry is also competitive for renewables projects. High activity level with five new projects on stream since second quarter. The decision is subsequently made to use the formations for CO₂ storage. The awarded contracts will generate considerable spin-offs in Norway. Strong progress in building industrial scale within renewable energy. The country is set to become the world’s biggest offshore wind market by 2030. The first CO₂ injector will be drilled as a sidetrack from the wildcat well. Company contribute to the State’s ambitious renewable energy development goals.

Equinor’s 816 MW winning bid confirms the company’s role as a major contributor in meeting New York. The substructures will be designed and constructed by Kværner, allowing the company to utilize its expertise in concrete structures. The net proceeds from the issue of the Notes will be used for general corporate purposes. Johansen Formation is situated at a depth of around 2700 meters in the relevant area. The substructures will be constructed at Kværner’s yard at Stord and site at Dommersnes in the Vindafjord in Norway. The introduction of a USD 5 billion share buy-back programme over three years. As an offshore wind major, Equinor is excited to collaborate with CPIH to develop offshore wind.

The wells previously been drilled down into the formation are located on the Troll field. CPIH, as a leading power generator in China, has been striving to develop its international strategy. The Troll reservoir is situated around 600 meters higher up in the stratigraphic sequence. Average Norges Bank fixing rate for this period was 9.1347. The contract includes assembly activities, tow-out and installation of completed wind turbines. It maintain strong cost and capital discipline, but results are impacted by lower commodity prices. There are many tight layers of shale between the reservoir and the Johansen Formation. It’s important to investigate the tight shale layers in order to be certain that the CO₂ will remain in place.

Second quarter 2019 dividend per share is consequently NOK 2.3750. Company have in the quarter demonstrated commitment to capital distribution. The signing of the MoU between CPIH and Equinor is a big step forward for both companies. Since 1996, CO₂ has been removed from the Sleipner Vest gas and injected in the Utsira Formation. The transaction covers all of Equinor’s interests in the Eagle Ford Joint Venture with Repsol. The POD service is designed to offer comprehensive data sets from offshore wind demonstrator sites. It demonstrates the opportunities that still exist for value creation and revenue from this industry. The project will involve several Norwegian engineering communities.

One million tons of CO₂ are stored in the subsurface every year. The discovery will probably be tied back to existing infrastructure. 700 000 tons of CO₂ per year has also been stored at the Snøhvit field. The project is expected to be developed with 60-80 wind turbines. It is separated from the gas in the process facility on Melkøya. On 27 November 2019, dividend will be paid to shareholders on Oslo Bors. The transaction supports Equinor’s strategy to optimise our onshore US portfolio. Fabrication of the wind turbines has been awarded to Siemens Gamesa,and will be carried out at several locations. Regular surveys are performed to monitor how injected CO₂ fills the storage area.

The Norwegian Petroleum Directorate has mapped areas that may be suitable for safe, long-term storage. Under the agreement between Equinor, Masdar and ORE Catapult, subscribers can access a pre-defined set. Endeavor resulted in a CO₂ storage atlas for the Norwegian shelf. It enhancing financial flexibility and focusing capital on core activities in the country. Estimates showed that, in theory, the reservoir volume on the shelf could accommodate more than 80 billion tons of carbon dioxide. It strongly believe the collaboration between CPIH and Equinor in China and Europe will bring vast experience. It is equivalent 1000 years of Norwegian CO₂ emissions at the current level.

The Northern Lights drilling is part of the Norwegian full-scale project for capture, transport and storage of CO₂ (CCS). The transaction will increase the financial flexibility of the company. The US is a core area for Equinor, demonstrated by recent acquisitions including assets in the Gulf of Mexico. Company still learning something new and finding hydrocarbons. This project includes capture of CO₂ from two industrial firms in Eastern Norway. Company look forward to deepen this partnership and develop a sustainable energy business. From there, the liquid CO₂ will be transported via pipeline and pumped into a reservoir. Exploration well 35/11-23, Echino South, was drilled 3.2 kilometres south-west of the Fram field.

Johansen said “We have lots of experience and good expertise when it comes to safe storage of CO₂”.

Nearly 3000 meters under the North Sea where it will be permanently stored. Equinor entered the Eagle Ford asset in 2010 through a joint acquisition with Talisman Energy USA. The full-scale project is a result of the authorities’ ambition to demonstrate a full-scale value chain for CCS in Norway by 2024. Repsol will acquire a 20% non-operated interest in the Monument prospect. It is being drilled according to the CCS regulations for transport and storage of CO₂. By enabling access to this information, the three organisations aim to better engage industry. Any public offering in the United States is being made solely by means of a prospectus supplement. The NPD has been involved in the preparations for the drilling.

Company have performed a lot of technical work in connection with the storage project. The primary exploration target was to prove petroleum in the upper Jurassic reservoir of the Oxfordian age. The authorities gave Equinor and its partners an exploitation license for storage of CO₂ in January this year. The shared long-term goal is to reduce the cost of floating offshore wind. According to the plan, Northern Lights will submit a Plan for development and operation (PDO/PIO) in the spring. The signing of the MoU took place in Beijing on 25 September with the president of CPIH. Northern Lights has made a commitment to store 1.5 tons of CO₂ for the authorities, every year for 25 years.

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