Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. Equinor ASA
  6. News
  7. Summary
    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Norway promises Europe more gas as prices soar

09/20/2021 | 12:11pm EDT
FILE PHOTO: Offshore oil and gas platform supply vessels are docked at a pier in Stavanger

OSLO/LONDON (Reuters) - Norway agreed on Monday to increase natural gas exports to the rest of Europe as record high wholesale natural gas prices prompted suppliers in Britain to seek state support and raised fears of a food supply crunch.

Wholesale gas prices have soared in recent months as economies reopened from COVID-19 lockdowns and high demand for liquefied natural gas in Asia pushed down supplies to Europe, leading to a shortage of carbon dioxide (CO2) in the food industry.

Britain's biggest energy companies have asked the government for support to help cover the cost of taking on customers from firms that have gone bust due to soaring wholesale gas prices, sources in the companies said.

Equinor, Europe's second-largest gas supplier after Russia's Gazprom, said on Monday that Norway was allowing a combined 2 billion cubic metre (bcm) increase in exports for the gas year starting Oct. 1 from the Troll and Oseberg fields.

The increase corresponds to nearly 2% of Norway's annual pipeline gas exports, according to Reuters calculations.

British Business Secretary Kwasi Kwarteng welcomed the move by Norway, which supplies just under a third of Britain's gas, but sought to reassure consumers that there would be no crisis.

"We have sufficient capacity and more than sufficient capacity to meet demand, and we do not expect supply emergencies to occur," Kwarteng told parliament.

He said there would be no return to the 1970s when Britain was plagued by power cuts that made the economy the 'sick man of Europe', with three-day working weeks and people unable to heat their homes.

"This winter, there's absolutely no question, Mr Speaker, of the lights going out or people being unable to heat their homes."

European consumers though are facing the prospect of soaring winter heating bills due to a confluence of global factors that have raised questions about how vulnerable Europe remains to swings in global energy prices.

Benchmark European gas prices have risen by more than 250% since January due to low storage stocks, high European Union carbon prices, soaring demand in Asia, lower gas supplies from Russia, low renewable output and nuclear maintenance outages.

Surging gas prices have led to an array of stresses in other markets, including a shortage of carbon dioxide after fertilizer plants had to shut.

Some of Britain's meat processors will run out of CO2 - also used to put the fizz in beer, cider and soft drinks - within five days, forcing them to halt production, the head of the industry's lobby group warned.

Yara, the world's largest trader of ammonia, is bringing supplies to Europe from production facilities in Trinidad, the United States and Australia to support fertilizer capacity after wholesale gas prices surged, its CEO said.

(Writing by Guy Faulconbridge; Editing by Jan Harvey)

By Nerijus Adomaitis, Guy Faulconbridge and Susanna Twidale


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EQUINOR ASA -1.28% 230.7 Real-time Quote.59.16%
PUBLIC JOINT STOCK COMPANY GAZPROM -1.02% 358.29 End-of-day quote.68.46%
TOTALENERGIES SE -0.94% 43.805 Real-time Quote.24.09%
YARA INTERNATIONAL ASA 1.51% 430.7 Real-time Quote.20.98%
All news about EQUINOR ASA
10/22Israel, Egypt Reportedly in Talks to Build New Gas Pipeline
MT
10/21AKER : Equinor Sign Contract To Design Topside For Norwegian Offshore Project
MT
10/21Aker Solutions Gets Contract for Work on Floating, Production, Storage and Offloading V..
DJ
10/21EQUINOR : to Revise Earnings Reporting Methods
MT
10/20AKER : Wins FEED for Wisting FPSO
AQ
10/20EQUINOR : share saving plan allocates shares - Form 6-K
PU
10/20EQUINOR : safety trend per third quarter 2021
PU
10/20EQUINOR : AutoStore, Norway's biggest IPO in two decades, valued at $12.4 bln
RE
10/20EQUINOR : share saving plan allocates shares
AQ
10/20EQUINOR : share saving plan allocates shares
AQ
More news
Analyst Recommendations on EQUINOR ASA
More recommendations
Financials (USD)
Sales 2021 77 101 M - -
Net income 2021 8 038 M - -
Net Debt 2021 6 081 M - -
P/E ratio 2021 10,9x
Yield 2021 2,44%
Capitalization 89 778 M 89 632 M -
EV / Sales 2021 1,24x
EV / Sales 2022 1,21x
Nbr of Employees 21 245
Free-Float 32,6%
Chart EQUINOR ASA
Duration : Period :
Equinor ASA Technical Analysis Chart | EQNR | NO0010096985 | MarketScreener
Technical analysis trends EQUINOR ASA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 27
Last Close Price 27,61 $
Average target price 25,42 $
Spread / Average Target -7,93%
EPS Revisions
Managers and Directors
Anders Opedal President & Chief Executive Officer
Ulrica Fearn Chief Financial Officer & Executive Vice President
Jon Erik Reinhardsen Chairman
Carri Ann Lockhart Executive VP-Technology, Digital & Innovation
Jannicke Nilsson Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
EQUINOR ASA59.16%89 632
SAUDI ARABIAN OIL COMPANY7.00%1 995 631
ROYAL DUTCH SHELL PLC42.47%186 994
PETROCHINA COMPANY LIMITED62.50%155 143
TOTALENERGIES SE24.09%134 531
PUBLIC JOINT STOCK COMPANY GAZPROM68.46%120 481