On September 1st, Equinor and its partners started production from the Snefrid Nord gas field. Korea National Oil Corporation (KNOC) and Equinor ASA have signed a Memorandum of Understanding. Equinor is presenting its Annual report. It also sets a new depth record on the Norwegian continental shelf. Equinor is awarding a contract for constructing and installing the subsea production system. Tim Dodson, and YPF’s CEO Daniel Gonzalez have already signed an agreement.
Recoverable resources for Snefrid Nord are estimated at 4.4 billion standard cubic meters of gas (27.5 MMboe). The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction. Equinor reports adjusted earnings of USD 3.15 billion. It will extend plateau production from Aasta Hansteen by almost a year. Andrew M. Cuomo announced Equinor’s Empire Wind as a winner in the State’s first large-scale. On plateau Snefrid Nord will produce four million cubic meters of gas per day.
Geir Tungesvik, senior vice president for project development in Equinor says “Snefrid Nord has been delivered without any serious injuries, ahead of schedule”.
Aasta Hansteen came on stream in December 2018. South Korea has large potential and offers attractive opportunities within offshore wind. Company have strengthened our competitiveness, improved our project portfolio. The production system consists of five templates. Together with the Polarled pipeline the field opened a new region in the Norwegian Sea for gas export to Europe. The preliminary agreement was signed at Equinor’s office in Oslo, Norway.
It less than a year later the first discovery is tied back to the field. IFRS net operating income was USD 3.52 billion and the IFRS net income was USD 1.48 billion. The 816 megawatt (MW) offshore wind project will bring renewable energy to New York consumers. It cost around NOK 1.2 billion to develop Snefrid Nord. The block and will enable both companies to expand their alliance. It originally the field was to start production at the end of 2019.
Plans call for the Johan Sverdrup field to start up in November this year. It move forward with the exploration process in the Argentinian offshore. Snefrid Nord was discovered in 2015 and in 2017 the field development was sanctioned. Equinor delivered record-high equity production of 2.111 million barrels of oil equivalent per day. The concept includes one well in a subsea template tied back to the Aasta Hansteen field by a pipeline and an umbilical.
It look forward to evaluate which can further expand portfolio. This has, combined with strong operational performance, contributed to USD 6.3 billion. The template is installed at a water depth of 1,309 meters. Equinor and the Johan Sverdrup partners, consisting of Aker BP. It making Snefrid Nord the deepest field development on the NCS. Executing a MoU with Equinor will become a critical opportunity that will advance to practical steps.
Large extent the development has been performed in synergy with Aasta Hansteen. The agreement includes a contingent payment of up to USD 52 million payable to Lundin. It contribute to the State’s ambitious renewable energy development goals. It have been able to combine campaigns and follow-up teams in Equinor and reuse technical solutions. Currently the partners in two offshore blocks in the same area. The transaction demonstrates Equinor’s ambition to grow and strengthens the portfolio.
The template and the suction anchor have been delivered by Aker Solutions in Sandnessjoen. It will make every endeavor to meet the government initiative. The Transocean Spitsbergen rig drilled the well while drilling the Aasta Hansteen wells. Equinor strengthens its position offshore Argentina, in line with exploration strategy. Pipeline end termination (PLET) for Snefrid Nord has been delivered by Momek in Mo i Rana.
It have a strong relationship with Equinor based on mutual trust built on the development of exploration. Equinor has a broad portfolio in the Gulf of Mexico. The financial results impacted by lower prices, turnarounds and production mix. Equinor’s 816 MW winning bid confirms the company’s role as a major contributor. South Korea is pursuing a fundamental transition in the energy mix from nuclear and coal. The new agreement deepens bond with Equinor.
Siri Espedal Kindem, senior vice president for operations north says “We are pleased to see that the Snefrid Nord project has led to ripple effects”.
Snefrid Nord is the first field to be tied back to Aasta Hansteen. The proportion of renewable energy in power generation is set to increase to 20% by 2030. The new infrastructure makes it possible to develop them and more attractive. Equinor and YPF are currently partners in two offshore blocks in the North Argentinian. There is high exploration activity and several discoveries already in the area. The project is expected to be developed with 60-80 wind turbines. The deep-water pioneer in the Norwegian Sea into something much more than the fields.