Equinor ASA (EQNR)

[roger wilco]

Equinor gets OK for world's first floating wind-powered offshore oil project

Apr. 8, 2020 By: Carl Surran, SA News Editor

Equinor (EQNR +3.4%) says Norwegian authorities approved its NOK4.8B ($466M) plan for the development and operation of Hywind Tampen offshore wind farm project in the North Sea.

Equinor says five platforms at Norway's Snorre and Gullfaks fields will be the first in the world to receive power from a floating wind park.

The 88 MW capacity project would be able to meet 35% of the electricity needs of the five platforms and reduce CO2 emissions by ~200K metric tons/year when it starts operations in 2022, the company says.

The long-planned project will move forward despite Equinor's recent decision to cut 2020 capital spending to $8.5B from an original $10B-$11B spending plan after oil prices plunged.