Equinor doubles North Sea gas discovery estimate

Equinor and DNO reported that the Afrodite gas-condensate discovery in the Norwegian North Sea may hold 77-180 MMboe, more than double prior estimates. The 35/7-2 appraisal well encountered significant gas/condensate columns. Equinor, with a 60% stake, considers the find commercially viable and plans a subsea tieback to the Kvitebjørn platform. DNO, a partner, sees potential in reservoir stimulation.

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Six European oil companies (BP, Eni, Equinor, Repsol, Shell, TotalEnergies) reported $89bn in profits for the first nine months of 2026, more than double the same period last year, driven by higher energy prices due to the war with Iran. Shell and TotalEnergies saw refining profits nearly quadruple, while BP's profit nearly quadrupled, exceeding analyst forecasts. Companies used profits to reduce debt and return cash to shareholders, with Shell cutting its 2026 capital spending guidance by $1bn.

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Equinor estimates Afrodite gas discovery's recoverable resources at 77-180 million boe, up from prior estimates. The company considers the discovery commercially viable and plans further analysis and potential subsea development. Equinor holds a 60% stake in the project.

Equinor reported a net income of $2.54bn for Q3 2026, up from a $204m loss in the same period last year. EPS rose to $1.07, and operating income increased by 127% to $11.95bn. Higher prices for liquids and European gas drove results, while international liftings reduced sales volumes. The company raised its full-year production guidance to 4% growth.