Dogger Bank

Equinor fourth quarter and full year 2023 results

Retrieved on: 
Wednesday, February 7, 2024

Equinor delivered strong production for the fourth quarter of 2,197 mboe per day, up from 2,046 in the same quarter of 2022, driving production growth for 2023 to 2.1%, above the updated guidance of 1.5%.

Key Points: 
  • Equinor delivered strong production for the fourth quarter of 2,197 mboe per day, up from 2,046 in the same quarter of 2022, driving production growth for 2023 to 2.1%, above the updated guidance of 1.5%.
  • Equinor delivered strong adjusted earnings* of USD 8.68 billion and USD 1.88 billion after tax in the fourth quarter.
  • In the fourth quarter, Equinor recognised net impairments of USD 328 million, mainly related to the announced sale of assets and exit from Azerbaijan.
  • Equinor paid two ordinary NCS tax instalments in the fourth quarter and an extra instalment in October, totalling at USD 7.9 billion.

The Danish Fishers PO: UK Reneges on Brexit Deal and Bans Sandeel Fishing in UK Waters

Retrieved on: 
Friday, February 2, 2024

Contrary to the Brexit agreement that allowed EU fishers to fish in British waters, the UK has decided to ban sandeel fishing on the British part of the Dogger Bank.

Key Points: 
  • Contrary to the Brexit agreement that allowed EU fishers to fish in British waters, the UK has decided to ban sandeel fishing on the British part of the Dogger Bank.
  • When the EU and the UK agreed on the terms of Brexit, a crucial element was that EU fishers could continue to fish in UK waters.
  • The UK is now reneging on that agreement and will ban sandeel fishing on the UK part of the Dogger Bank from March 26 this year.
  • With the Brexit agreement, Danish fishers paid dearly for access to British waters.

Masdar Joins Forces with RWE in £11 billion Investment to Co-develop Massive 3GW Offshore Wind Projects in UK

Retrieved on: 
Friday, December 1, 2023

The 3GW DBS projects bring together global clean energy pioneers Masdar and RWE, a leading renewable energy company headquartered in Germany.

Key Points: 
  • The 3GW DBS projects bring together global clean energy pioneers Masdar and RWE, a leading renewable energy company headquartered in Germany.
  • Today's investment in the 3GW DBS projects - almost five times as big as London Array - shows Masdar's steadfast expansion into the exciting offshore wind sector.
  • Masdar has also invested in the 30MW Hywind project, which was the world's first floating offshore wind farm, and the 402MW Dudgeon offshore wind farm.
  • RWE is already one of the leading companies in the field of renewable energy and offshore wind.

Masdar Joins Forces with RWE in £11 billion Investment to Co-develop Massive 3GW Offshore Wind Projects in UK

Retrieved on: 
Friday, December 1, 2023

The 3GW DBS projects bring together global clean energy pioneers Masdar and RWE, a leading renewable energy company headquartered in Germany.

Key Points: 
  • The 3GW DBS projects bring together global clean energy pioneers Masdar and RWE, a leading renewable energy company headquartered in Germany.
  • Today's investment in the 3GW DBS projects - almost five times as big as London Array - shows Masdar's steadfast expansion into the exciting offshore wind sector.
  • Masdar has also invested in the 30MW Hywind project, which was the world's first floating offshore wind farm, and the 402MW Dudgeon offshore wind farm.
  • RWE is already one of the leading companies in the field of renewable energy and offshore wind.

Equinor third quarter 2023

Retrieved on: 
Friday, October 27, 2023

Power production from renewable energy sources was 373 GWh in the quarter, up from 294 GWh in the same quarter last year.

Key Points: 
  • Power production from renewable energy sources was 373 GWh in the quarter, up from 294 GWh in the same quarter last year.
  • Equinor maintains a strong financial position with adjusted net debt to capital employed ratio* at negative 22.9% by the end of the third quarter, from negative 35.1% at the end of the second quarter of 2023.
  • The Equinor shares will trade ex-dividend on Oslo Børs and New York Stock Exchange from and including 14 February 2023.
  • The third tranche of the share buy-back programme for 2023 was completed on 20 October 2023 with a total value of up to USD 1.67 billion.

Hitachi Energy passes 150 GW in HVDC links integrated into the power system, expands capacity to meet accelerating energy transition demand

Retrieved on: 
Tuesday, October 24, 2023

The company has consistently expanded its capacity to meet accelerating demand driven by the clean energy transition.

Key Points: 
  • The company has consistently expanded its capacity to meet accelerating demand driven by the clean energy transition.
  • Since 2020, when Hitachi began its strategic investment, Hitachi Energy has increased its workforce by more than 8,000.
  • "Electricity will be the backbone of the entire energy system and will help to drive the clean energy transition.
  • Today’s announcement shows how we are enabling our customers to accelerate the development of the power grids that energy system requires," said Claudio Facchin, CEO of Hitachi Energy.

Equinor second quarter 2023

Retrieved on: 
Wednesday, July 26, 2023

Equinor (OSE: EQNR, NYSE: EQNR) delivered adjusted earnings* of USD 7.54 billion and USD 2.25 billion after tax in the second quarter of 2023.

Key Points: 
  • Equinor (OSE: EQNR, NYSE: EQNR) delivered adjusted earnings* of USD 7.54 billion and USD 2.25 billion after tax in the second quarter of 2023.
  • Power production from renewable energy sources was 345 GWh in the quarter, up from 325 GWh for the same quarter last year.
  • Equinor maintains a strong financial position with adjusted net debt to capital employed ratio* at negative 35.1% by the end of the second quarter, from negative 52.3% at the end of the first quarter of 2023.
  • The second tranche of the share buy-back programme for 2023 was completed on 12 July 2023 with a total value of around USD 1.67 billion.

Why earthquakes happen all the time in Britain but not in Ireland

Retrieved on: 
Thursday, July 6, 2023

Earthquakes of this nature are not uncommon in Britain (the island including England, Scotland and Wales).

Key Points: 
  • Earthquakes of this nature are not uncommon in Britain (the island including England, Scotland and Wales).
  • However, there are occasional earthquakes in Britain that have the potential to be destructive.
  • Most earthquakes in Britain are concentrated within a north-to-south band on the west side of the island.
  • This makes the tectonic plate under Ireland much less likely to deform – a process that can trigger earthquakes.

Ireland’s missing earthquakes

    • Even before earthquakes were recorded by seismographs as they are today, reports of earthquakes were documented in various towns and monasteries across Britain and Ireland.
    • In the mid-19th century, Robert Mallet, an Irish scientist credited with coining the term “seismology”, created earthquake maps based on these reports.

Intraplate earthquakes

    • Most earthquakes happen at plate boundaries where tectonic plates converge, diverge or slide past each other.
    • Earthquakes that occur in the interior of the plates are much less common and typically smaller in magnitude.
    • Between 1811 and 1812, the New Madrid Seismic Zone in the central US experienced a sequence of powerful earthquakes, ranging from magnitude 7 to 8.

Through thick and thin

    • Research that I co-authored in 2021 discovered previously unknown variations in the structure of the tectonic plate that both Britain and Ireland sit on.
    • Tectonic plates are cold and rigid compared to the hot, slowly creeping mantle beneath them.
    • Ireland has a relatively thick lithosphere (around 95-115km beneath most of the island) and very few earthquakes as a result.
    • South-eastern England and eastern Scotland have a similarly thick lithosphere.

Equinor first quarter 2023

Retrieved on: 
Thursday, May 4, 2023

Equinor (OSE: EQNR, NYSE: EQNR) delivered adjusted earnings* of USD 12.0 billion and USD 3.51 billion after tax in the first quarter of 2023.

Key Points: 
  • Equinor (OSE: EQNR, NYSE: EQNR) delivered adjusted earnings* of USD 12.0 billion and USD 3.51 billion after tax in the first quarter of 2023.
  • Equinor completed nine exploration wells offshore with three commercial discoveries in the quarter, and three wells were ongoing at the quarter end.
  • Equinor paid the first of three equal NCS tax instalments of USD 5.42 billion in the quarter and will pay the next two in the second quarter.
  • The first tranche of the share buy-back programme for 2023 was completed on 20 March 2023 with a total value of USD 1 billion.

Equinor fourth quarter and full year 2022 results

Retrieved on: 
Wednesday, February 8, 2023

Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted earnings* of USD 15.1 billion and USD 5.80 billion after tax in the fourth quarter of 2022.

Key Points: 
  • Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted earnings* of USD 15.1 billion and USD 5.80 billion after tax in the fourth quarter of 2022.
  • Equinor completed five exploration wells offshore with one commercial discovery in the quarter and four wells were ongoing at the quarter end.
  • Equinor realised a European gas price of USD 29 per mmbtu and realised liquids prices where USD 80.4 per bbl in the fourth quarter.
  • Although prices are comparatively higher than the corresponding quarter in 2021, European gas price weakened through the fourth quarter of 2022.