Equinor Foresees Surge in Combined Oil and Gas Output Beyond 2024

The activity levels on the Norwegian continental shelf remained high throughout the quarter.

SEATTLE (Oil Monster): Norway-headquartered petroleum refining company Equinor announced results for the first quarter of the current year.

The company reported strong operational performance and production during the quarter, posting higher-than-expected profits. It delivered adjusted operating income of USD 7.53 billion and USD 2.57 billion after tax during the quarter. Equinor reported net operating income of USD 7.63 billion and net income at USD 2.67 billion. The adjusted income stood at USD 2.84 billion during the quarter.

The company delivered total equity production of 2,164 mboe per day in Q1 this year, higher when compared with 2,130 mboe per day in the same quarter a year before. The production growth was mainly driven by increased capacity at Johan Sverdrup and ramp up of Breidablikk, in addition to new wells on stream. The activity levels on the Norwegian continental shelf remained high throughout the quarter.

In its review report, the company said that the combined oil and gas production is expected to witness increase after 2024, registering a growth of around 5% by 2026, before declining marginally towards 2030.

Commenting on the results, Anders Opedal, President and CEO of Equinor ASA said that the company delivered solid financial results driven by strong operational performance across the business. It expects to deliver a total distribution of 14 billion dollars in 2024, he added.

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