Equinor Discovers New Oil Field in Arctic Norway
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 19 2026
0mins
Should l Buy EQNR?
Source: Yahoo Finance
- New Oil Discovery: Equinor ASA announced a new oil discovery in the Arctic Barents Sea, with preliminary recoverable oil equivalent estimates ranging from 14 to 24 million barrels, highlighting the area's resource potential and reinforcing the company's strategic position in Arctic energy development.
- Production Plans: The company plans to tie the new discovery back to the giant Johan Castberg field, with production expected to commence in Q1 2025, achieving a peak output of 220,000 bpd, which will significantly enhance the company's overall production capacity.
- Resource Base Expansion: Equinor aims to drill one to two exploration wells annually in the region to increase its resource base and maintain plateau production for a longer duration, demonstrating a strong commitment to future growth and focus on the Arctic market.
- Output Growth Target: Equinor is targeting a 3% increase in output by 2026, building on a record production level achieved in 2025, further enhancing the company's competitiveness in the global energy market.
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Analyst Views on EQNR
Wall Street analysts forecast EQNR stock price to fall
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 41.530
Low
22.00
Averages
23.89
High
25.79
Current: 41.530
Low
22.00
Averages
23.89
High
25.79
About EQNR
Equinor ASA, formerly Statoil ASA is a Norway-based international energy company. The Company’s purpose is to turn natural resources into energy. Equinor sells crude oil and delivers natural gas to the European market. It is also engaged in processing, refining, offshore wind and carbon capture and storage activities. Equinor ASA has five reporting segments: Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P International), Exploration & Production USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables (REN). The Company has several subsidiaries such as Equinor Nigeria Energy Company Ltd, Equinor Wind Power AS, Equinor International Netherlands BV and Equinor Brasil Energia Ltda.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Fertilizer Price Increases: The blockade of the Strait has left many fertilizer-laden ships stranded, causing fertilizer prices to soar, which poses a significant challenge for Asian and African countries reliant on Gulf fertilizers, prompting investors to focus on U.S. producers like CF Industries.
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- Drilling Operations Initiated: Drilling operations have begun on the Valaris DS-17 drillship, with plans to drill six wells in the Raia area at a water depth of approximately 2,900 meters, laying the groundwork for future production.
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See More
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- Equipment Supply Agreement: Vestas will supply 51 turbines for the project, with installation expected to begin in March 2027 and all turbines slated for completion by year-end 2027, ensuring timely project commissioning to meet market demand.
- Long-term Service Agreement: Vestas will also be responsible for operation and maintenance under a 30-year service agreement, which not only ensures the long-term stable operation of the equipment but also provides Vestas with a continuous revenue stream, enhancing its competitive position in the market.
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