Equinor Shuts Down North Sea Platform

Norway’s Equinor has shut down its Gullfaks C platform within the North Sea following a properly management downside that additionally prompted the evacuation of some staff, Reuters has reported, citing an organization spokesman.

The spokesman added that manufacturing from the sector was secure. Even so, the Norwegian gasoline system operator mentioned pure gasoline manufacturing on the Gulfaks subject could be lowered by 6.6 million cu m at present. The sphere produces principally crude oil.

Equinor is the operator of the Gulfaks subject with a 51% stake and minority companions together with Norway’s gasoline system operator Petoro and Austria’s OMV.

The Norwegian state oil and gasoline main reported a dip in second-quarter earnings this yr, though the web outcome beat analyst estimates. The outcome was attributed to larger pure gasoline gross sales and better costs throughout the merchandise that Equinor markets.

Norway is the fourth-largest pure gasoline exporter on the planet. Final yr, it accounted for nearly a 3rd of the gasoline consumed within the EU and the UK, in accordance with Norwegian Petroleum. Oil and gasoline collectively account for a whopping 62% of Norway’s exports, as of 2023.

The nation’s statistical company just lately reported that funding in oil and gasoline developments this yr is ready to hit a file excessive amid rising prices and present subject growth.

Whole investments in oil and gasoline exercise in 2024, together with pipeline transportation, are estimated at an all-time excessive of $24 billion (257 billion Norwegian crowns), Statistics Norway mentioned earlier this month.

The newest estimate is 4.1% larger in comparison with the funding plans from the survey from the second quarter.

“The rise in estimates is especially pushed by larger value estimates in manufacturing drilling inside fields on stream,” Norway’s statistics company mentioned.

The oil corporations’ funding estimates for this yr are additionally 21% larger than the corresponding estimate for 2023 within the Q3 2023 survey.

“The upper estimate for subject improvement is expounded to the truth that considerably larger prices have now been reported for some improvement initiatives than the operators had beforehand estimated,” in accordance with Statistics Norway.

By Charles Kennedy for Oilprice.com

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