Equinor, Lahontan Gold, Venture Global – Oil and precious metals poised for a new boom

Equinor – An unforeseen opportunity

The war in Iran is affecting the global economy. The temporary closure of the Strait of Hormuz has put oil and gas imports to Europe from this region on hold for the time being. The EU is now under considerable procurement pressure, as oil and gas consumption rose significantly due to the recent very cold winter. Most recently, the EU's average gas storage level was around 30%, 10% less than in the same period last year.

Among those benefiting from the shortage are Europe's key oil and gas suppliers, such as Norway-based Equinor. The stock rose by around 8% last week. According to the latest news from the company, a new oil discovery has also been confirmed in the North Sea, located in the immediate vicinity of the existing Snorre A platform. The EU in particular could benefit from this discovery, as oil from European waters could fill reserves more quickly and cushion global shortages.

Initial estimates suggest that the field could contain between 25 and 89 million barrels of recoverable reserves. Production will be connected to the platform via existing underwater facilities. The advantage of such "near-field" discoveries is obvious. Since most of the infrastructure is already in place and largely amortized, the new reserves can be developed in a particularly cost-efficient manner.

Norway is a key energy supplier for Europe. The country covers around 20% of Europe's oil demand and around 30% of its gas consumption. Equinor, therefore, aims to expand exploration around existing facilities. The aim is to keep production on the Norwegian continental shelf stable in the long term. By 2035, the group is aiming for a production level of around 1.2 million barrels of oil equivalent per day, which is roughly the same as the 2020 level.

Lahontan Gold – Nevada project with million-ounce potential

Geopolitical crises traditionally drive up two asset classes: gold and oil. While rising energy prices are a direct consequence of military tensions in the Middle East, gold is considered a classic safe haven in uncertain times. Investors seek protection from geopolitical risks, inflation, and currency uncertainty. This provides the perfect conditions for exploration company Lahontan Gold, which is working to bring the historic Santa Fe Mine in the US state of Nevada back into production. The site is not a classic greenfield project. Between 1988 and 1994, gold was already mined here in open-pit mining, at prices of only around USD 350 per ounce at the time. A first-class infrastructure is in place. This could allow the project to go into production much faster and more cheaply than many new mine developments.

Management is primarily pushing ahead with the bureaucracy, and important environmental permits have already been obtained for the core area. The current plan envisages a possible start of construction in 2027. The investment costs are currently estimated at around USD 100 million. Internal model calculations indicate a payback period of around 18 months.

At the same time, the resource base continues to grow. Santa Fe currently has a resource of just under 2 million ounces of gold, with an update imminent. New drilling and additional claims near the historic York pit could significantly increase the resource.

Another growth driver is the West Santa Fe project, approximately 13 km away. In recent drilling there, the company encountered sections of up to 36.6 m with 3.11 g/t gold equivalent from surface. The mineralization allows for cost-effective open-pit mining methods. Initial estimates see additional potential of up to 1 million ounces of gold here. In an environment of rising gold prices, this strategy is becoming increasingly attractive. Major producers are under pressure to secure new reserves. Projects with existing infrastructure and near-surface mineralization are therefore the target of the majors.

Venture Global – LNG exporter moves into the spotlight

Venture Global LNG is one of the fastest-growing exporters of liquefied natural gas in the US. Based in Arlington, Virginia, the company operates LNG export facilities on the US Gulf Coast, including the Calcasieu Pass and Plaquemines projects in Louisiana, and supplies liquefied natural gas to customers worldwide.

The escalation in the Middle East is now bringing the company more into the spotlight of the markets. Following attacks on facilities in the Qatari gas center of Ras Laffan, Qatar temporarily halted its LNG production, resulting in massive turbulence on the energy markets. European gas prices jumped by up to 50% at times, and US gas futures also rose significantly. Venture Global's stock reacted particularly strongly.

The shares have shot up by around 40% since the start of the war. The market is beginning to recognize the role that flexible LNG suppliers can play in geopolitical crises.

For Europe, this development comes at an inopportune time. Gas storage facilities are currently well below the five-year average, while Asian customers such as China and South Korea are competing for available LNG supplies. If Qatar, an important supplier, is out of action for a longer period, this competition could intensify further, giving Venture Global a strategic advantage.

A large proportion of LNG volumes are not tied up in long-term contracts and can be sold at market prices at short notice. Rising gas prices, therefore, have a direct impact on revenue and profits. Net profit climbed to USD 2.26 billion in 2025, up from USD 1.48 billion in the previous year. If the crisis in the Gulf continues, the US exporter could become one of the biggest beneficiaries of the new energy reality.

Equinor, Venture Global, and Lahontan Gold are examples of companies that could benefit from the current crisis. While Equinor could strengthen Europe's energy supply with new North Sea discoveries, Venture Global is benefiting from rising LNG demand. Lahontan Gold, on the other hand, offers leverage on rising gold prices with its Nevada project and could also spark takeover speculation in industry.