Equinor to Drill New Wildcat Well in PL 1238 in the Barents Sea

Equinor ASA EQNR, the Norwegian integrated energy company, has received approval from the Norwegian Offshore Directorate (“NOD”) to drill a wildcat well in the Barents Sea. The company received a drilling permit from the regulatory body for wellbore 7117/4-1.

The wellbore 7117/4-1 is part of Production License (“PL”) 1238, operated by Equinor with its partners. EQNR holds a 40% working interest in the license, while its partners Vår Energi, Petoro and Aker BP have a 20% interest each.

The drilling activities related to this project will be carried out by the semi-submersible rig COSL Prospector. The rig is well-suited for harsh environments with challenging sea and weather conditions like the North Sea and Norwegian Sea. COSL Prospector can operate at water depths of up to 1500 meters. It has a maximum drilling depth of 7,500 meters.

EQNR’s Zacks Rank & Key Picks

EQNR currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK, Oceaneering International OII and RPC, Inc. RES. While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, Oceaneering International and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Flotek Industries specializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading offshore equipment and technology solutions provider to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to its shareholders through consistent dividend payments and share buybacks, making it an attractive choice for investors seeking steady returns.

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This article originally published on Zacks Investment Research (zacks.com).

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