EQNR - Equinor makes new oil find in Norwegian Sea

Equinor (NYSE:EQNR) +2.6% pre-market after saying it discovered oil estimated to hold as much as 62M barrels of crude off the coast of Norway, the company's sixth oil find in domestic waters this year. The company says preliminary analysis of the exploration well indicated the discovery contained a light-oil quality, well-suited to refiners. The well contained 3M-10M cm, equating to 19M-62M barrels, and will be evaluated for further appraisal and assessed for tie-back to existing fields in the area. Separately, Equinor says it has designed a new gigawatt-scale floating wind turbine foundation it hopes to deploy at the ScotWind wind farm project, if successful in the licensing round. The company says the project would be more than 30x bigger than Hywind Scotland, the U.K.'s and Equinor's first floating offshore wind farm. Equinor shares fell last week after Q3 net profit missed expectations.

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Equinor makes new oil find in Norwegian Sea