18 November 2024: 16:30 GMT
Panic stations! All production at Johan Sverdrup is offline due to smoky electrical wiring at an onshore power converter station, according to our call with their spokesperson. That makes for 755 kb/d of oil equivalent out of action. Equinor also stated it is too soon to say when the field will be back up and running. At least they pinky promised they were working on the issue. They certainly should be: according to our calculations, given today’s prices, that lost production will cost Equinor over $50 million per day. Brent flat price seized the opportunity to make a break for it and surged up beyond $73 through the afternoon. It held onto those gains through the Trafi-dominated window to end the European session at $73.15/bbl, just over a buck up from Friday. And all that just as Equinor proudly announced discovery of North Sea oil and gas deposits near the Troll field on Thursday.
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