HOUSTON – Wood has secured a new $13 million contract with Equinor to deliver engineering, procurement, construction, and installation (EPCI) services to the Vigdis boosting station increased oil recovery (IOR) project.
Effective immediately, Wood will provide topside modifications to enable the tie-in of subsea equipment to offshore platforms Snorre A and Snorre B, which process oil from the Vigdis subsea field, located in the Norwegian North Sea.
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Five companies, including Norway’s Equinor, Denmark’s Orsted and France’s EDF have submitted bids to supply offshore wind power to the New York state, the companies said on Thursday.
New York state closed bidding on.ny.gov/2E54m5q on Thursday to provide 800-megawatts of offshore wind energy, a part of a plan develop up to 2,400 megawatts (MW) of offshore wind power by 2030, and will choose a supplier in the spring.
Equinor is planning to build a wind park on 80,000 acres south of Long Island it won in a U.S. federal auction in 2016, with potential total capacity of up to 2,000 MW, in push to diversify its investments away from oil and gas.
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STAVANGER — “Strong operational performance and high production gave solid results and cash flow in a quarter with significant market volatility. We delivered growing returns for the full year and expect continued earnings growth. Following strong improvements in recent years, the board proposes an increase in quarterly dividend of 13% to $0.26 per share,” says Eldar Sætre, president and CEO of Equinor ASA.
“Our cash flow generation was strong across the business. At an average oil price of $71/bbl, we generated an organic free cash flow well above $6 billion for the full year. We have also done several value-enhancing transactions, strengthened our financial position and reduced our net debt ratio from 29% to 22.2%,” says Sætre.
Adjusted earnings were $4.4 billion in the fourth quarter, up from $4 billion in the same period in 2017. Adjusted earnings after tax were $1.5 billion, up from $1.3 billion in the same period last year. High production at higher prices contributed to the increase. Due to sales pricing mechanisms in the market, the significant fall in oil prices led to a negative one-off effect with a higher than normal differential between realised liquids prices and Brent Blend average. In addition, higher exploration activity and lower refinery and products trading margins impacted adjusted earnings negatively. For the full year, adjusted earnings were $18 billion, up 42% from $12.6 billion in 2017.
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Norway has built a reputation as one of the calmest and most predictable corners of the global oil industry, but lately it’s been full of surprises.
During the worst downturn in a generation, from 2014 to 2016, companies would regularly exceed official forecasts as oil production rose in defiance of falling prices. More recently, with crude surging back to multiyear highs, they’ve run into trouble.
The Norwegian Petroleum Directorate now expects output to fall to a 31-year low in 2019, with production expected to be almost 60 million barrels short of its previous forecast for this year and in 2018. That’s 80,000 barrels a day less than expected.
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