Norwegian oil and gas company Equinor has released its 2018 results, posting a 46% increase in net operating income (US$20bn) thanks to higher oil and gas prices (over 30% increase in prices) and higher volumes. In 2018 hydrocarbon production rose by 1.5% to 2.1 mboe/d, including 1.1 mboe/d of liquids (-1%) and 979 kboe/d of gas (+4%). Proved reserves rose by 15% to nearly 6.2 Gboe, thanks to extensions and discoveries from sanctioning new field development projects (Troll 3 and Johan Sverdrup 2). Consequently, the reserve replacement ration rose from 150% in 2017 to 213% in 2018. Most of the production was in Norway (61%), with 565 mboe/d of liquid production and 722 mboe/d of gas production. In 2018, crude oil sales rose by 3% to 845 mbl, while gas sales remained stable at around 58 bcm.
The group plans to add around 300 kboe/d of oil and gas production in 2019, from the Johan Sverdrup, Trestakk and Utgard projects in Norway and from the Mariner field in the United Kingdom), around 210 kboe/d in 2020, 140 kboe/d in 2021 and 190 kboe/d in 2022. In addition, Equinor plans to commission the 385 MW Arkona offshore wind project in Germany (developed in partnership with E.ON) and the 117 MW Guanizul solar project in Argentina in late 2019, which will add to the group's current renewable capacity of 1.3 GW in 2018. Equinor's other offshore projects under development include the 1,200 MW Teesside A project in the United Kingdom (to be commissioned in 2021) and the 1 GW (potentially 1.5 GW) Empire Wind project in the United States to be commissioned in 2025 (US$3bn).