Equinor to Advance Alve Drilling Plans With Transocean Encourage Rig

Equinor ASA EQNR, the Norwegian integrated energy firm, has received the approval of the Norwegian Ocean Industry Authority (Havtil) to conduct drilling activities in a field located offshore Norway. The Norwegian Ocean Industry Authority has permitted EQNR to use a semi-submersible rig owned by Transocean Inc. RIG for production drilling at a field located in the Norwegian Sea.Equinor has mentioned that it will use the Transocean Encourage rig for exploration activities at the Alve field, which lies 16 kilometers southwest of the Norne field in the Norwegian Sea. The rig was contracted to drill nine wells in the Norwegian Continental Shelf (“NCS”). The contract also includes a provision for drilling six optional wells.The rig has received the green light to drill a production well at the Alve field off the coast of Norway. The site's water depth is 370 meters. The Alve field was discovered in 1990. The plan for development and operation (PDO) for the field was authorized in 2007. The development of the field involves drilling four subsea production wells, which are expected to be connected to the Norne production, storage, and offloading vessel (FPSO) using a pipeline.The field contains hydrocarbons in sandstone rocks dating back to the Early and Middle Jurassic age. The hydrocarbon reservoir is located at a depth of 3,600 meters. The reservoir containing oil and gas is of moderate to good quality. The oil produced from the field will be stored in FPSO Norne and offloaded later. The gas from the field shall be transported to the Åsgard Transport System (ÅTS) through the Norne pipeline. From the ÅTS, the gas may be transported for exports via the Kårstø terminal.Equinor is the operator of the Alve field. The Norwegian energy firm holds a 53% stake in the field, while its partners DNO Norge and Orlen Upstream Norway hold 32% and 15% stakes, respectively. The production at the Alve field is expected to commence in 2025.Zacks Rank and Key PicksEQNR and RIG currently carry a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Archrock Inc. AROC and Nine Energy Service NINE. While Archrock currently sports a Zacks Rank #1 (Strong Buy), Nine Energy Service carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.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. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. It operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>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 Transocean Ltd. (RIG): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis Report Nine Energy Service, Inc. (NINE): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks