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The Norwegian Oil Company Equinor Returned to Profit in the Third Quarter of 2018, Reporting a Net Profit of US$ 1.6 Billion, Compared to a Net Loss of US$ 478 Million the Previous Year.
The Adjusted Profit After Tax More Than Doubled. It Was US$ 2.0 Billion in the Third Quarter, Up from US$ 0.8 Billion in the Same Period Last Year. “Higher Prices for Liquids and Gas, Along with High Production, Contributed to the Increase,” Said Equinor.
Adjusted for New Fields in Production and Portfolio Changes, Underlying Operating Costs and Administrative Expenses Per Barrel Increased Slightly Compared to the Same Quarter Last Year, Mainly Due to Higher Downtime and Preparations for the Start of New Fields.
One of Them Is the Oseberg Vestflanken 2 Field in the North Sea, Which Started Production in Mid-October Through the Oseberg H Platform (Photo) – the First Unmanned Platform on the Norwegian Continental Shelf.
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Production Slowly Increases
Equinor Delivered Total Capital Production of 2,066 mboe Per Day in the Third Quarter, a 1% Increase from 2,045 mboe Per Day in the Same Period of 2017. “The Increase Was Mainly Due to the Start of New Fields, Changes in the Portfolio, and New Wells in Operation, Partially Offset by High Maintenance,” Explained Equinor.
As of the Third Quarter of 2018, Equinor Completed 15 Exploration Wells with Seven Commercial Discoveries. The Evaluation of the Cape Vulture Discovery in the Quarter Confirmed a Doubling of Remaining Reserves in Norne, Increasing the Life and Value of the Offshore Field in Norway.
Adjusted Exploration Expenses in the Quarter Were US$ 239 Million, Down from US$ 416 Million in the Same Quarter of 2017, Mainly Due to a Higher Capitalization Rate and Lower Drilling Activity.
Looking Ahead, Organic Capital Expenditures for the Entire Year of 2018 Are Estimated at Around US$ 10 Billion, a Reduction from Original Plans. Equinor Expects Its Production for 2018 to Be 1-2% Above the 2017 Level. Scheduled Maintenance Activity Is Estimated to Reduce Quarterly Production by Approximately 10 mboe Per Day in the Fourth Quarter of 2018. In Total, Maintenance Is Estimated to Reduce Capital Production by About 35 mboe Per Day for the Year 2018.
Archer Begins a New Chapter in Providing Drilling Services for Equinor
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