EQNR - Equinor makes another North Sea oil and gas discovery

Equinor (NYSE:EQNR) said Monday it discovered oil and gas near the Troll and Fram fields in the North Sea, but shares trade sharply lower as Brent crude falls more than 4% to cap a nearly 15% drop during the past two weeks. Based on preliminary estimates, the size of the discovery is 4M-8M cm of recoverable oil equivalent, or 25M-50M boe, the company said. Equinor said the discovery - temporarily called Kveikje - is the sixth in the area since fall 2019; the first five discoveries contained more than 300M boe. The company, which will consider tying the latest discovery to the Troll B or C platform, also said it plans to drill another exploration well in the area this year. Equinor is "perhaps the most profitable energy company in the world right now," CashFlow Hunter writes in a bullish analysis published on Seeking Alpha.

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Equinor makes another North Sea oil and gas discovery