Equinor: ups Johan Sverdrup resource estimate
(CercleFinance.com) - Norwegian oil firm Equinor announced on Monday that it has increased its resource estimates at its Johan Sverdrup project on the Norwegian shelf.
The former Statoil said the second phase of the project contains between 2.2 billion and 3.2 billion barrels of oil equivalent, vs. a previous estimate range of 2.1 billion to 3.1 billion barrels of oil equivalent.
The group has also reduced the investment estimate to 41 billion Norwegian kronor for the second phase of the project, with a break-even oil price that is now less than 25 dollars per barrel.
The updated investment estimate for the first phase of the plan now amounts to 86 billion Norwegian kronor, which is 30% less than the initial budget.
The Equinor stock was up 0.8% in Oslo after this good news.
Equinor is the main operator of the Johan Sverdrup project with a 40% stake, followed by Lundin(22.6%), Petoro (17.4%), Aker BP (11.5%) and Total (8.4%).
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