Comment: Equinor’s New E&P El Dorado

Brazil “trigger”
Most all, it’s drill bit “luck” and reserves that bankroll Equinor, and the company’s long struggle to stay in Brazil — through rising costs, political turmoil and deepwater doubt — might now produce Equinor’s new El Dorado. In a letter to Norwegian DN, CEO Saetre sounded off on Brazil, suggesting current production of about 100,000 barrels per day might soon increase threefold — then fivefold — as the company is reportedly tracing a Brazilian goliath.

Analysts at SpareBank1 suggest the company may have discovered an oilfield larger than the Norwegian giant, Johan Sverdrup, the new nation-builder that’ll put another boat in the boathouse of average Norwegians. Petrobras’s Uirapuri well (Equinor 28%) is “Equinor’s biggest exploration trigger ever”, the SpareBank1 investor note suggests.

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