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EQNR states that it has received the green light to drill a production well at the Alve field off the coast of Norway. The site's water depth is 370 meters.
Norwegian energy group said it is engaging with authorities to clarify the matter following a halt-work order from the U.S. government.
In accordance with a halt work order issued by the US government, Empire Offshore Wind LLC (Empire) will safely halt the offshore construction in waters of the outer continental shelf for the Empire Wind project.
Norway's Equinor will halt offshore construction of its Empire Wind I project in New York state, following a stop-work order from U.S. Interior Secretary Doug Burgum, the company said on Thursday.
The board of directors of Equinor ASA (OSE: EQNR, NYSE: EQNR) has today decided to propose to the general meeting of the company that the company's share capital is reduced through cancellation of own shares and redemption of shares belonging to the Norwegian State. The proposal is made as a result of the company having acquired own shares pursuant to the authorization for share buy-back granted by the annual general meeting of the company in May 2024.
Equinor's strong fundamentals and competitive advantage as Europe's primary gas supplier make it a top choice for integrated Oil & Gas stocks. The company smartly reinvests substantial O&G profits into green transition initiatives, aligning with Norway's renewable energy goals. Despite falling crude prices, Equinor remains undervalued with a low EV/EBITDA ratio and strong profitability metrics, making it a strong buy.
EQNR is combining its renewable, gas, and storage assets into a new power business to support grid stability amid growing energy needs.
EQNR expects its Q1 results to be affected by nearly $100 million in costs associated with drilling CCS appraisal wells.
The company seek to strengthen competitiveness and offer better conditions for higher value creation.
Norway's Equinor is combining its renewables business with its gas-to-power plants and energy storage assets to boost its electricity business, the company said on Thursday.