BAKU, Azerbaijan, July 24. Equinor's total revenues and other income from the international exploration and production segment in 2Q2024 amounted to almost $2 billion, Trend reports.
According to the company's latest financial statement, this marked an increase of 19 percent quarter-on-quarter ($1.605 billion in 1Q2023).
Overall, in 1H2024 the producer reported $3.5 billion in international exploration and production revenues - up by 13 percent year-on-year ($3.153 billion in 1H2023).
Equinor announced that the growth in equity production for the second quarter and first half of 2024 was primarily driven by new wells and the addition of the Buzzard field in the UK.
Reduced turnaround activities also contributed to the overall rise in production levels. However, this growth was partially offset by natural decline and operational issues in certain fields.
Meanwhile, the company's E&P equity liquid and gas production in 2Q2024 totaled 336 mboe/d - up by 2 percent, compared to 2Q2023 (328 mboe/d). In 1H2024, this figure reached 344 mboe/d - an increase of 4 percent year-on-year (332 mboe/d in 1H2023).
According to the producer, the increase in production sharing agreements (PSA) effects for the second quarter and first half of 2024 compared to last year was attributed to higher production from Angola PSA fields and higher liquid prices. Enhanced lifting in both the second quarter and first half of 2024, along with higher realized prices, boosted revenues.