Equinor suspends output guidance as government mandates cuts

摘要

The Norwegian state energy firm has suspended its 2020 output guidance,which was previously at 7% growth from 2019 output as the Norwegian government has mandated production cuts amid the ongoing price rout.Norway has said the country will lower its crude output by 250K b/d in June and 134K b/d for H2 2020 from a baseline of 1.859MM b/d,which was 160K b/d higher than the country produced in 1Q.Equinor said its Norwegian output in 1Q was 649K b/d,up 19% year-on-year,due to the startup of the Johan Sverdrup field last Oct.The company added it expects its 2020 output to fall due to increased maintenance work this year,estimating maintenance-related production declines this year would total 25K boe/d.A statement from Equinor read it was suspending 2020 output guidance due to market uncertainties,government-imposed production curtailments and Equinor's value over volume approach.”