Equinor's Mariner Oil Platform Comes Online at UK's North Sea

On Thursday, Equinor ASA EQNR announced its first oil extraction from the Mariner oil field in Britain’s North Sea. The start-up was originally planned for 2017 but went through a series of postponements due to reasons varying from tough weather conditions to informal labor strikes.
Mariner, located on the East Shetland Platform of the UK North Sea, is expected to produce nearly 55,000 barrels of oil per day (bpd), which might shot up to 70,000 bpd during peak production.

As one of the UK’s largest oil-energy projects, Mariner’s development activity is supported by a gross investment of US$7.7 billion, which is one of the biggest cash infusions for the industry in the last decade and is expected to generate 3 billion barrels of oil, an estimate above 50% of what was initially assumed. This massive endeavor is set to create 700 permanent jobs apart from 800 construction work opportunities worth $1.3 billion in the UK alone.

The project, operated by the Norwegian Energy major Equinor with a 65.11% stake, is considered one of the most complex developments in the North Sea. Notably, Mariner was initially found in the early 1980s. This UK’s largest oilfield program was sanctioned in 2012 and is anticipated to continue with production through 2050.

Equinor ASA Price

Equinor ASA Price

Equinor ASA price | Equinor ASA Quote

Zacks Rank & Key Picks

Equinor carries a Zacks Rank #5 (Strong Sell).

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