EQNR's North Sea Wells Indicate Strong Potential for Carbon Storage

Equinor ASA EQNR, a Norwegian integrated energy company, has drilled two wells, namely 32/7-1 and 32/4-4, in the North Sea. The appraisal wells are located approximately 20 kilometers to the east of the Troll platform. Equinor Low Carbon Solutions, a division of Equinor, mentioned that the drilling results show signs that the reservoir is well-suited for injecting and storing carbon dioxide (CO2).Equinor used the DeepSea Stavanger drilling rig to conduct drilling operations. DeepSea Stavanger, part of Odfjell Drilling’s rig fleet, is a sixth-generation semi-submersible drilling rig, suitable for deepwater and harsh environmental conditions. The two wells, 32/7-1 and 32/4-4, were drilled in the Gamma and Alpha regions, respectively. The company noted that these two wells could potentially become a carbon storage unit for EQNR’s Smeaheia project.The company has acquired vast amounts of data from these two wells, along with sample collections from the reservoirs and cap rocks. Four injection tests have been conducted for each of the two wells, yielding positive preliminary results. The data gathered will be analyzed in detail, and the results will be carefully evaluated. The results will play a crucial role in making future investment decisions on the Smeaheia storage project.The 32/7-1 and 32/4-4 wells were the first ones to be drilled in exploration licence EXL 002, which was awarded to the Norwegian integrated energy firm in June 2022. These are also the second and third wells drilled in the Norwegian Continental Shelf to understand and evaluate the feasibility of commercial CO2 storage in the region. The wells have been permanently plugged and abandoned.EQNR’s Zacks Rank and Key PicksEQNR currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Diversified Energy Company plc DEC, Expand Energy Corporation EXE and RPC, Inc. RES, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Diversified Energy Company is an independent oil and natural gas producer in the United States. The company is primarily engaged in the production, transportation, and marketing of natural gas and natural gas liquids. The rising demand for natural gas as a cleaner-burning fuel and an uptick in the commodity’s prices are expected to positively impact the company’s bottom line.Expand Energy is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. Natural gas is expected to play an increasingly important role in the energy transition journey. Expand Energy is poised to benefit from the rising demand for natural gas as a cleaner-burning fuel. The recent rise in natural gas prices is also anticipated to positively impact EXE’s profitability.RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. RPC is strongly committed to returning value to shareholders through consistent dividend payments and share buybacks, making it an attractive choice for investors seeking steady returns.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 Diversified Energy Company PLC (DEC): Free Stock Analysis Report RPC, Inc. (RES): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report Expand Energy Corporation (EXE): 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