Equinor Gets Go-Ahead for Drilling Two Wildcat Wells in the North Sea

Equinor ASA EQNR, a Norwegian integrated energy company, has secured drilling permits from the Norwegian Offshore Directorate to drill two wildcat wells in the North Sea. Wildcat wells are exploratory wells drilled in regions where hydrocarbons have not been previously detected. Equinor received the first drilling permit for wellbore 34/4-19 S, which is located within the production license (PL) 057. The second permit secured by the company is for the well 34/6-9 S, which is situated in PL 554.Drilling OperationsFor wellbore 34/4-19 S, drilling operations will be executed by the Deepsea Atlantic semi-submersible rig owned by Odfjell Drilling. Equinor holds a 31% working interest in PL 057 and is the operator of the license. The other partners in this license are Petoro with a 30% interest, Harbour Energy Norge with a 24.5% interest, and INPEX Idemitsu Norge and Vår Energi holding 9.6% and 4.9% interests, respectively.For the exploratory well 34/6-9 S, drilling operations will be conducted by the COSLInnovator semi-submersible drilling rig. Equinor is also the operator of PL 554 with a 40% working interest in the license. The other partners in this license are Aker BP and Vår Energi, each holding a 30% working interest.Details of the Semi-Submersible RigsThe Deepsea Atlantic is a sixth-generation semi-submersible rig, suitable for deepwater operations in harsh environments. The rig can accommodate nearly 120 people and has a maximum drilling depth of 10,670 meters.COSL’s COSLInnovator rig can operate in harsh, challenging environmental conditions and is suited for operations in the North Sea and Norwegian Sea. The rig can operate in water depths of 750 meters.EQNR’s Zacks Rank & Key PicksCurrently, EQNR carries a Zacks Rank #4 (Sell).Some better-ranked stocks from the energy sector are Repsol S.A. REPYY, Antero Midstream Corporation AM and Galp Energia SGPS SA GLPEY. While Repsol sports a Zacks Rank #1 (Strong Buy), Antero Midstream and Galp Energia carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks Rank #1 stocks here.Repsol is a global multi-energy company, involved in exploration and production activities as well as refining and marketing petroleum products. The company is also actively involved in transitioning toward cleaner and more sustainable energy solutions. This suggests that Repsol is positioning itself in line with global energy transition needs.Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company’s higher dividend yield, compared to its sub-industry peers, makes it an attractive choice for investors who seek consistent returns.Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly the Mopane discovery in the Orange Basin, offshore Namibia. After the initial exploration phase, Galp estimated that the Mopane prospect could hold nearly 10 billion barrels of oil. This discovery allows Galp to diversify its global presence, with the potential to become a significant oil producer in the region.Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.See Top Quantum 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 Antero Midstream Corporation (AM): Free Stock Analysis Report Repsol SA (REPYY): Free Stock Analysis Report Galp Energia SGPS SA (GLPEY): 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