Equinor Receives Norway's Approval for Barents Sea Exploration Well

Equinor ASA EQNR has received a permit from the Norwegian Offshore Directorate (“NOD”) to drill an exploration well in the Barents Sea. The well will be drilled in the same license zone as the Johan Castberg oilfield. The permit involves a wellbore 7220/7-CD-1 H, which lies within the production license (PL) 532. The NOD approved the permit on Feb. 7, 2025.The drilling project on the Skred prospect will be executed using the Transocean Enabler semi-submersible rig. The Transocean Enabler rig boasts an automated drilling control technology and is well suited for operating in harsh environments, typical of the Norway Continental Shelf. The drilling activity is scheduled for April 2025. Equinor holds a 46.3% working interest in PL 532. Other partners in the block include Vår Energi, with a 30% interest, and Petoro, holding a 23.7% interest.In its 2024 financial results, Vår Energi hinted that the Skred prospect could potentially hold an estimated 30 million barrels of oil equivalent (gross basis). The exploration well is intended to find new oil and gas reserves in the region that could contribute to the region’s energy requirements in the future, given that the development of the resources is commercially viable.EQNR’s Zacks Rank and Key PicksEQNR currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Sunoco LP SUN, SM Energy SM and Archrock Inc. AROC. Sunoco and SM Energy currently sport a Zacks Rank #1 (Strong Buy) each, while Archrock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores and distributors. Its current distribution yield is greater than that of the industry's composite stocks, providing unitholders with consistent returns.SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The increased production, combined with the favorable oil price environment, is expected to positively contribute to its bottom line.Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sunoco LP (SUN): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks