Equinor CEO Warns Rosebank, Jackdaw Rejection Would Be 'Major Setback'
EQNR sits 92% above its 52-week low of $22.26.
Summary
Equinor CEO Anders Opedal said failure to secure UK approval for the Rosebank and Jackdaw projects would be a 'major setback' for the Adura joint venture with Shell and could make the UK 'uninvestable' for the industry. Both projects had to reapply for consent after a 2024 court ruling required consideration of downstream emissions. A Jackdaw decision could come within days, delayed until after an October 8 by-election, and the project could produce gas as soon as this winter if approved. Rosebank is more complex but could deliver first oil in H1 2027. The Adura JV is set to become the largest oil and gas producer in the UK North Sea, so regulatory risk here is material to Equinor's near-term production growth.
At the time of this announcement, EQNR was trading at $42.85 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $100.7B. The 52-week trading range was $22.26 to $45.84. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.