EQNR - Equinor submits plans to develop major U.K. North Sea oil prospect

Equinor ( NYSE: EQNR ) took a key step forward toward sanctioning its planned Rosebank project on Thursday, as it submitted plans to U.K. regulators for the development of the North Sea oilfield ahead of a final investment decision early next year.

Equinor ( EQNR ) said in the environmental statement that the Rosebank field would be developed in two phases in which the wells will be connected to a floating production, storage and offloading vessel where the oil and gas would be processed.

Gas from the field, one of few known major prospects in the aging basin, would be exported from the FPSO via a new pipeline to the existing West of Shetland Pipeline systems.

Equinor ( EQNR ) would expect to begin production by year-end 2026; oil production is predicted to peak at 70K bbl/day during 2027-29, while gas output is seen peaking at 1.72M cm/day during 2029-31, before steadily declining.

Equinor's ( EQNR ) Q2 after-tax earnings of $5B and free cash flow of $7B will allow the company to return even more money to shareholders, CashFlow Hunter writes in a bullish analysis posted recently on Seeking Alpha .

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