Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
9:17 AM Statoil (STO) says new seismic tools will result in 30M extra barrels of oil from its Snorre and Grane fields. ~700 km of seismic cables, delivered by Geospace Technologies (GEOS), will be placed in trenches on the seabed on these two fields, each with large remaining reserves. STO estimates it could recover additional NOK19B worth of oil on the two fields.
8:54 AM Statoil (STO) reportedly is targeting $3.6B (NOK20B) in additional investments on its Gullfaks field off Norway as it seeks to boost recovery and curb the risk of further leaks from the high-pressure reservoir. STO already is pumping NOK15B into four projects at the North Sea field with the aim of extracting another 142M boe and extending its producing life
Bakken Transaction Highlights - In October 2011, Statoil (STO) and Brigham Exploration Company (BEXP) announced a merger agreement for Statoil to acquire all of the outstanding shares of Brigham for $36.50 per share through an all-cash tender offer.
The total equity value is approximately $4.4 billion, reflecting an enterprise value of approximately $4.7 billion,based on June 30, 2011 net debt. The transaction will provide Statoil with more than 375,000 net acres in the Williston Basin, which holds potential for oil production from the Bakken and Three Forks formations.
Brigham also holds interests in 40,000 net acres in other areas. Current production is approximately 21,000 boe per day, and the acreage has potential to ramp up to 60,000-100,000 boe per day production over a five year period.
At the current deal value of $4.4 billion, Statoil is paying $11,733 per acre ($12,533 per acre based on enterprise value).
9:20 AM Statoil (STO) reportedly is threatening to flag out its operations due to proposed changes in Norway's tax rules that could leave it with a huge bill to the government. STO currently is able to claim tax relief on foreign exploration activities while Norway is denied tax revenue from overseas fields brought into production; STO says changes in the tax rules would put it at a competitive disadvantage.
8:44 AM Whiting Petroleum (WLL) +11.3% premarket on a report that Statoil (STO) approached the company with a takeover bid worth up to $7.6B. WLL and STO are among the top producers in the Bakken shale formation in North Dakota, and STO has said it wants to pick up further shale acreage in the U.S.
Statoil closing Glitne field offshore Norway
HOUSTON, Oct. 31
10/31/2012
By OGJ editors
Statoil is shutting in the seven wells in Glitne oil field offshore Norway and closing the field.
Glitne, in 110 m of water on North Sea Blocks 15/5 and 15/6 about 40 km northwest of Sleipner East oil field, produced 55 million bbl of oil, more than double the original estimate.
When the field went onstream in 2001, it was expected to produce for 26 months. It produced from several overlapping sand lobes deposited as deep marine fans in the upper Paleocene Heimdal formation through the Petrojarl 1 production and storage vessel owned by Teekay Petrojarl Production ASA.
Drilling of the seventh well in 2007 was expected to extend the field life through 2009.
Statoil, operator, holds a 58.9% interest. Other interests are Total E&P Norge 21.8%, Det norske oljeselskap 10%, and Faroe Petroleum Norge 9.3%.
8:54 AM Statoil (STO) posts a higher than expected Q3 net profit, but adjusted earnings were NOK40B, down from NOK43.1B Y/Y and missing analysts' forecast of NOK42.53B. Q3 production rose 3% Y/Y to 1.81M boe/day, but the recent license-swap deal with Wintershall on the Norwegian continental shelf is expected to lead to lower production in 2013. STO +0.4% premarket.
New exploration well confirms Peregrino South oil discovery
October 24, 2012
By PennEnergy Editorial Staff
Source: Statoil
Statoil ASA, together with partner Sinochem, has completed drilling the appraisal well 3-STAT-8-RJS on the Peregrino South discovery in the Campos basin offshore Brazil.
The results confirm the significant potential in the Peregrino South in the exploration well that was completed in April 2011. The objectives of the appraisal well were to confirm the previous volume estimate for the Peregrino South discovery and secure an optimal development solution for the Peregrino Phase II development.
The appraisal well encountered approximately 85 metres of high-quality oil-filled sandstone reservoir in the Carapebus formation supporting the current subsurface model. Net pay in the well was more than 70%.
“This confirms our positive view on the Peregrino area and will form an important basis for the Peregrino Phase II development. We will now continue to work toward a final investment decision to develop this new oil discovery,” says Kjetil Hove, Statoil’s country president in Brazil.
The Peregrino field is located 85 kilometres offshore Brazil in the Campos basin at about 100 metres of water depth in licenses BM-C-7 and BM-C-47. Statoil holds 60% ownership and the operatorship of the field and Sinochem the remaining 40%.
The Statoil-operated Peregrino field includes two drilling and wellhead platforms and a large floating production, storage and offload unit (FPSO). Oil production from the Peregrino field started in April 2011, and the field is currently one of the largest producing offshore oil fields in Brazil.
In February 2012, Statoil made the high-impact Pão de Açúcar discovery together with operator Repsol Sinopec and partner Petrobras in block BM-C-33, positioning Statoil as an important long-term operator and partner in Brazil’s attractive and growing oil and gas industry.
4:41 PM Statoil (STO) will move forward with development plans for its Peregrino South discovery in the Campos basin off Brazil after an appraisal well confirmed its resource estimate. The well encountered ~85 meters of high-quality oil-filled sandstone reservoir, confirming significant potential in the exploration well that was completed in April last year.
Statoil ASA is selling some of the onshore natural gas and oil wells it acquired when it bought Brigham Exploration Co. in October 2011, the Norwegian oil company said Wednesday.
Statoil will be shedding about 180 natural gas wells at a time when prices for the fuel remain unprofitable for most producers. Natural gas prices fell to a decade low in April because of recent advances in drilling technology that yielded a steep increase in supply.
Statoil will divest about 230 wells in the Anadarko basin in Oklahoma and along the Gulf Coast in Louisiana and Texas, said Ola Morten Aanestad, Statoil's vice president of communications. About 80% of the wells produce natural gas, Mr. Aanestad said.
The sale will occur during the monthlong oil and gas clearinghouse auction scheduled for Nov. 14, Mr. Aanestad said. Statoil will put two other packages "shortly," including natural gas wells spread over 7,500 gross acres in Brooks County, Texas, and 10,000 gross acres in the Permian Basin area of West Texas, he said.
Statoil bought Texas-based Brigham for $4.4 billion as a way to increase its exposure to U.S. unconventional oil and gas fields.
11:46 AM Statoil (STO -0.4%) says that together with its partners, it can recover 10M boe through the construction of a seabed template on the Fram H North structure in the North Sea. The installation of the seabed equipment and laying of pipelines and control cables is planned for summer 2013.
12:42 PM Statoil (STO +1.8%) reportedly is set to sell off ~230 onshore wells in the U.S. as it looks to shed gas producers following the plunge in North American natural gas prices. The tally is said to include 180 onshore natural gas wells STO gained through last year's $4.4B acquisition of Brigham Exploration.
9:04 AM Statoil (STO) will invest ~$7B in the upcoming development phases at its Snoehvit natural gas field in the Arctic to maintain production until 2040, contradicting earlier reports that it had dropped plans to expand Snoehvit due to insufficient reserves
2:47 PM A record number of oil companies have applied for production licenses in mature areas offshore Norway, where total investments are expected to set a record 204B kroner ($35B) in 2013. High oil prices have boosted exploration activity, and the number of applications shows companies still want to explore predefined areas in the North Sea, Norwegian Sea and Barents Sea.
9:37 AM Gazprom (OGZPY.PK) indefinitely postpones development of its giant Shtokman gas field, the latest delay to its efforts to tap the field in the Russian Arctic with France's Total (TOT) and Norway's Statoil (STO). The decision comes after disagreements between the companies over investment terms have repeatedly stalled development.
5:57 PM Statoil (STO) says it is leasing more than 1,000 railroad cars to carry crude oil from fields in North Dakota to refiners across North America, another sign of how the U.S. pipeline network is having a hard time keeping up with the region's oil boom. The rail effort will help STO get a better price for its Bakken and Three Forks oil, which trades at $5-$20 discounts due to limited transport capacity.
4:57 PM Despite speculation that Statoil's (STO) Johan Sverdrup discovery may turn out to be even bigger than current estimates and perhaps Norway's biggest discovery ever, CEO Helge Lund says one huge discovery is not enough to offset falling production from Norway's giant aging fields: "We have to make many of these [Sverdrup-sized discoveries] to be able to maintain growth after 2020."
8:50 AM The giant Johan Sverdrup oil field in the North Sea may be connected to another recent discovery, potentially reducing exploration and production costs for its owners, led by Norway's Statoil (STO). Johan Sverdrup is "the most positive thing that has happened on the Norwegian continental shelf in almost a decade, and then this adds even more to it," an analyst says.
Statoil joins PetroFrontier on Georgina basin blocks
http://www.ogj.com/articles/print/vol-110/issue-6c/general-interest/statoil-joins-petrofrontier.html
My thoughts on PetroFrontier:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=78921868
PetroFrontier is for the 'more aggressive' investor.
GL,
JB
6:07 AM Oil is -0.8% after Norway's government last night ordered striking offshore workers to return to work just minutes before their employers had planned to halt all oil and gas production, which would have cut off over 2M barrels a day. The government sent the dispute over wages and pensions to binding arbitration.
3:33 PM Norwegian oil services workers break off wage talks with oil companies, moving the sector a step closer to its second strike within two months. Norway's oil sector was disrupted last month when production workers held a 16-day strike; although oil workers are not allowed to strike again within a two-year period, services workers were not part of the latest action so the limitation does not apply to them.
4:38 AM Baker Huges (BHI) wins a 3B kroner ($504.47M) two-year contract to provide Norway's Statoil (STO) with integrated drilling services for 25 fields. The deal includes an option for a two-year extension. (PR)
11:40 AM A panel of Norwegian oil and gas experts says the costs of offshore drilling are too high and calls for easing safety rules to save up to 1T kroner ($167.5B) and allow greater volumes of oil and gas to be produced. Without action, there's a "grave danger" that vast resources may remain in the ground forever. Norwegian petroleum production fell 4% in 2010 and 5% in 2011.
Arctic opportunities on the Norwegian Continental Shelf
Penelope Warne
Aberdeen Press and Journal
August 6, 2012
"The Barents Sea is now a sea of opportunities," the Norwegian Minister for Petroleum and Energy, Ola Borten Moe, stated in the announcement of the 22nd licensing round on June 26.
One of the most topical issues relating to the Norwegian oil and gas industry focuses upon growing exploration, development and production opportunities for petroleum companies in the Arctic sector of the Norwegian Continental Shelf.
These growing opportunities may be attributed in part to the opening up and development of new petroleum provinces within the region, and in particular the Arctic waters of the Barents Sea, becoming available through Norway's current 22nd licensing round.
Also, following the Rosneft/Statoil agreement to enter the prequalification rounds jointly, and with Lukoil among those likely to bid, this 22nd licensing round could see two Russian oil companies enter the NCS for the very first time.
In January 2012, the Ministry of Petroleum and Energy opened the round with a total of 228 blocks and parts of blocks that had been nominated by a total of 37 companies to be included in the 22nd licensing round.
Some 107 of these were nominated by two or more companies, and the highest-ever number of blocks, no less than 181, were nominated in the Barents Sea.
Following evaluation of the proposed blocks, the ministry announced the offer of new production licenses in 86 blocks, or parts of blocks, to be awarded before summer 2013. Some 72 blocks are located in the Barents Sea and 14 are in the Norwegian Sea.
This is the largest number of blocks or parts of blocks offered in the Barents Sea since offshore licensing began, and marks an increase from the total of 51 blocks offered in the Barents Sea in the 21st licensing round. The selection of these 86 blocks highlights the Norwegian Government's desire to maintain the recent high levels of exploration in immature parts of the Norwegian Continental Shelf, while it at the same time establishes the groundwork for new, long-term activity and value creation.
One reason for such increased interest in the region may be attributed to the signing of a maritime delimitation and cooperation treaty between Norway and Russia on September 15, 2010, after 40 years of negotiations.
The treaty signifies a significant step forward in terms of ending conflict between Norway and Russia which has restricted exploration and exploitation activities in the Barents Sea and the treaty has opened up new prospective areas for exploration in eastern parts of the Norwegian Barents Sea.
The treaty includes the agreement of a final maritime delimitation line between Norway and Russia and contains provisions relating to the co-ordinated exploitation of trans-boundary hydrocarbon reserves in the Barents Sea and the Arctic Ocean.
Another reason for such increased interest in the region can be attributed to two high-impact discoveries of hydrocarbons made by Statoil in the Barents Sea over the past year - the Skrugard and Havis prospects which together have estimated recoverable reserves of some 400-600million barrels.
In addition, Statoil has identified a further four areas for exploration which it aims to pursue late this year with a view to completing in spring/early summer 2013.
The oil industry is central to the Norwegian economy, with the country being the 14th largest producer in 2011. Therefore, the 22nd licensing round is important in facilitating continued economic growth.
This round will lead to improved work on existing fields, development of discoveries, the opening of new areas and further exploration as well, as boosting the economy and securing jobs across Norway.
In terms of the current world economic climate, this is an enviable position to be in. Yet, the Norwegian Government is not approaching the new licensing round from a purely national perspective, their focus is also international.
So what does the future hold for the Norwegian Continental Shelf?
According to the US Geological Survey, as much as 13% of the world's undiscovered conventional oil and 30% of its undiscovered natural gas is held in the Arctic. The figures all point to great potential for exploration and production on the NCS.
However, it is vital that all parties involved continue to focus on prudent resource management as part of a sustainable development of the Arctic. The Arctic has hosted petroleum activities for many decades and if the current level of co-operation involving the sharing of experience is maintained, the future looks promising. We can hope to see many more high profile discoveries in the years to come.
Finally, let us consider the Arctic in general.
The region takes on a greater financial importance as new commercial opportunities, including drilling for oil and gas, are emerging in line with the ice cap reduction.
The Arctic coastal states (USA, Canada, Russia, Norway and Denmark representing Greenland) have all developed and issued national security strategies and accompanying documents that describe their national security interests and the political intentions these states wish to pursue and defend.
Probably an even more important consideration is the environmental concerns leaving the Arctic Council (comprised of Iceland, Sweden and Finland in addition to the abovementioned coastal states) with an increasing influence on Arctic matters. At a meeting last year an agreement on "Cooperation on Aeronautical and Maritime Search and Rescue in the Arctic" was signed by the Council.
This was the first legally binding agreement negotiated under the auspices of the Arctic Council. Said Council is further aiming at concluding an oil-spill prevention agreement in 2013.
Penelope Warne is head of energy at international law firm CMS Cameron-McKenna
Copyright 2012 Aberdeen Journals LtdAll Rights Reserved
Aberdeen Press and Journal
Statoil accepts fine for incomplete listing
August 6, 2012
Source: Statoil
Statoil ASA has accepted a fine of NOK 3 million (USD 0.5 million) by Økokrim for breaches of certain formal requirements in the Securities Trading Act section 3-5 in connection with the Johan Sverdrup discovery stock market announcement 16 August 2011.
The breaches relate to lack of compliance with formal requirements such as not listing the date, time or correct time for when a number of persons were given access to inside information, not informing all individuals about the duties related to holding inside information and not listing the reason why they had access to such information. In addition, two primary insiders in the company were not included on the list of insiders.
Økokrim (the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) has confirmed that they do not suspect that anyone has traded on or misused information from Statoil prior to the stock market announcement of 16 August 2011.
Statoil has cooperated actively with Økokrim to resolve this matter.
Statoil takes the handling of inside information very seriously and maintained a continuous overview of persons with access to information prior to the announcement 16 August 2011. Statoil has clear procedures and processes in place to ensure compliance with the requirements under the Securities Trading Act. Unfortunately, in this case, some of these procedures were not adequately followed.
Following this incident Statoil has implemented a number of measures, including a further strengthening of our procedures and the quality assurance of insider lists.
8:27 AM Statoil (STO) says it is still considering its options for the giant Shtokman gas project, following reports in the Russian press that it had pulled out of development. Russia's Gazprom operates Shtokman, Statoil has a 24% interest, and Total has 25%; Royal Dutch Shell may be poised to join the project, possibly replacing Statoil. SA
8:16 AM Statoil (STO) says it expects to invest $18B in capital expenditures in 2012 due to higher activity, as it posted a slightly lower Q2 net profit. STO says that even though a large economic crisis isn't expected, the company can handle it if oil and gas prices drop for a long period: "The first line of defense is always to have a lot of money available, and we have." STO +2.6% premarket.
3:18 PM Statoil (STO) expects its Peregrino offshore oil field to reach plateau production of ~100K bbls/day by mid-August as two new wells start output in coming weeks, the president of its Brazilian operations says. STO has suffered delays at Peregrino, its largest offshore operation outside Norway, because of equipment troubles that affected completion of three wells.
Honestly I am most interested in what they are doing in North America. Statoil recently announced that it would increase its investments in North America. The company will spend $17 billion in order to ramp up its North American production from 150,000 barrels per day to 500,000 barrels per day by 2020.
As the company's reserves in Norway start shrinking, the company is taking active role to increase production elsewhere. The company has strong presence in Gulf of Mexico and oil rich northern parts of US such as North Dakota
LOL, for sure. At least we know the North Sea is still freezing cold heading into August.
Hey if water ingression and ice is the worst of their worries on 50k BOD/E giddy up!
Statoil lets contract for Norwegian Sea spar hull
HOUSTON, July 13
07/13/2012
By OGJ editors
Statoil SA has signed a letter of intent with Technip for the construction of the hull for the spar platform to be used for development of Aasta Hansteen gas and condensate field in the northern Norwegian Sea. The project will be led by Technip in a consortium with Hyundai Heavy Industries.
Statoil picked the spar design earlier this year (OGJ Online, Jan. 30, 2012). The field, formerly called Luva, lies in the Voring basin on production license 218/218B in 1,300 m of water.
Technip says the spar platform, with a total hull length of 195 m, will be the world’s largest and the first of its kind on the Norwegian continental shelf (NCS). The structure also will be the first spar with storage capacity and will be able to store about 25,000 standard cu m of condensate, and export gas via the Norwegian Sea Gas Infrastructure (NSGI) project.
“The hull contract is an important first construction step for the Aasta Hansteen field development,” said Ivar Aasheim, Statoil's senior vice-president for field development on the NCS. “Aasta Hansteen is the start of deepwater development in the Norwegian Sea and the development could also open up for tie-backs to other discoveries in the same area,” he said.
The spar platform will be built in South Korea and transported on the world's largest heavy-lift carrier. Technip will design, procure, and deliver the spar platform hull readied for mating with the platform topsides in Norway. The supplier also will design and prepare specifications for steel rigid risers and a complete mooring system.
The estimated contract value for this assignment is just over 4 billion kroner.
“We’ve had several early-phase and concept studies for the entire Aasta Hansteen project, with Technip, Aker, Samsung, FMC, Saipem, and IKM, among others, involved in developing the concept,” said Anders Opedal, senior vice-president for projects at Statoil.
By this fall and the following spring, Statoil said it will award contracts for topsides, subsea facilities, pipelines, marine operations, and drilling.
The Aasta Hansteen development lies 300 km offshore Norway and contains three gas discoveries. It was originally discovered in 1997. Statoil has been operating the filed since 2006.
Total reserves for Aasta Hansteen are estimated at 47 billion standard cu m of gas and 800 million cu m of condensate.
Partnership change
Separately, OMV signed an agreement to acquire 15% stake in Aasta Hansteen field from ExxonMobil Corp. The field’s partnership interest holders are operator Statoil 75%, OMV 15%, and ConocoPhillips 10%.
OMV also increased its stake in the NSGI project by 6.15%. Together with its share gained through an acquisition in December 2011, OMV holds a total of 7.9% in NSGI.
The scope of the NSGI project comprises a 480-km, 36-in. pipeline from Aasta Hansteen field to the Nyhamna gas processing plant and an expansion of the Nyhamma gas plant. The pipeline also will allow the connection of the Linorm and Zidane fields as well as possible tie-ins of other discoveries.
NSGI is operated by Statoil. Partners are OMV, Centrica, ConocoPhillips, Edison, E.On Ruhrgas, GDF Suez, Maersk, Petoro, RWE Dea, Shell, and Total.
Thanks for the DD POST, Jett. I hadn't had the chance to really read into the stoppage reason yet.
Statoil announced Thursday that it temporarily halted production this week at the Hammerfest LNG terminal in the Barents Sea.
The firm blamed the stoppage, which occurred on Tuesday, on water ingression in the plant's natural gas dryers. This can cause ice formation in the cooling circuit.
Statoil said it is making "big efforts" to get the gas liquefaction plant back on line quickly.
The LNG plant processes gas transported through an approximately 90-mies pipeline from subsea facilities on the Snøhvit and Albatross fields. Statoil's share of the Snøhvit output is around 50,000 barrels of oil equivalent per day.
In May, Statoil shut the Hammerfest plant down for scheduled maintenance. It was restarted at the beginning of June.
•Aug WTI crude oil prices this morning are down -0.13 points (-0.15%) but Aug gasoline is up +0.0081 (+0.29%). Aug Brent crude oil is down -0.72 points (-0.72%) this morning after the Norwegian government last night ordered an end to the Norwegian oil worker strike. Crude oil and gasoline prices on Monday closed with fairly sharp gains: CLQ2 +1.54 (+1.82%), RBQ2+0.0434 (+1.60%). Crude oil rallied mainly on worries that the Norwegian government might not intervene and that oil companies might be allowed to go ahead with their threat for a lock-out of workers and a complete shut-down of Norwegian oil fields as of Monday night at midnight. However, the Norwegian government last night did intervene and forced an end to the 16-day strike, thus averting the lockout. The government forced employers and the unions into binding arbitration with both sides being required to accept the mediator's decision. That means that there will be no near-term threat that the strike will resume. Norwegian oil production should quickly back to normal from the 15% shut-down seen from the strike for the past two weeks.
Lockout to shut production offshore Norway
HOUSTON, July 5
07/05/2012
By OGJ editors
A lockout of offshore workers scheduled to begin July 10 will halt production of 3.8 million boe/d of liquids and natural gas on the Norwegian continental shelf.
A strike begun on June 24 by Industry Energy, the Organization of Energy Personnel, and Norwegian Organization of Managers and Executives already had halted production at some fields offshore Norway (OGJ Online, June 27, 2012).
Preliminary Norwegian Petroleum Directorate data for May put production rates at 1.631 million b/d of crude oil, 307,000 b/d of NGL, and 68,000 b/d of condensate. The May liquids total of 2.007 million b/d was about 52,000 b/d below that of the preceding month.
Total gas sales in May were about 8.9 billion standard cu m, down about 500 million cu m from April.
Statoil, which has interests in about 1.2 million boe/d of production offshore Norway, said it planned a controlled shutdown of production and return of workers to land starting July 9. It said a total shutdown would require 1-4 days, “depending on the characteristics and complexity of each field.”
The Norwegian Oil Industry Association, chief negotiator for oil companies and service firms, called conflict with the unions “deadlocked” and said the lockout would start at midnight July 10.
The action will affect 6,515 workers at 70 fields in the North Sea, Norwegian Sea, and Barents Sea. The dispute is over pension rights past age 62.
Big Win for Statoil: 8:34 AM Russia reportedly will change the composition of a consortium to develop the huge Shtokman gas field, bringing in Royal Dutch Shell (RDS.A, RDS.B) in place of Total (TOT) and keeping Statoil (STO) in a plan approved by Pres. Putin. It appears the optimism expressed by TOT's Christophe de Margerie may have been misplaced.
SEEKING ALPHA
Statoil Awarded 26 Leases in Gulf of Mexico
Statoil Asa (NYSE:STO)
Today : Thursday 21 June 2012
Statoil was the high bidder on 26 leases in the first lease sale in the Central Gulf of Mexico since March of 2010.
(Logo: http://photos.prnewswire.com/prnh/20101006/STATOILLOGO)
With the addition, Statoil will control more than 350 leases in the Gulf of Mexico, further securing its significant lease holder position
"We are very pleased with today's outcome," says Erik Finnstrom, Statoil senior vice president of Exploration for Statoil in North America. "This addition of leases allows us to further build upon our broad-based strategy for exploration in the Gulf of Mexico and further upgrades our core position in this prolific and proven basin."
As the world's largest offshore operator and a leader in subsea technology, Statoil has been a partner in several major discoveries, including Jack, St. Malo, Julia, Vito and Logan.
"The lease additions underscore our commitment to increased investment in North America, which we see as a core region for long-term growth. Our strategy involves acquiring prospects across a full range of plays – from those at the frontier level to very mature, drill-ready plays," Finnstrom says. "Statoil's growth in North America has been methodical, based on best practices and technological innovation honed from operating for 40 years in some of the world's harshest offshore regions."
Statoil has six producing fields and has eight fields under development. At the moment the company is drilling the Bioko prospect in the central Gulf of Mexico region and plans to drill two to three more wells within the next 12 months offshore Gulf of Mexico, while also participating in an additional two to three wells drilled by its partners.
Statoil is the operator of three of 2011's 10 largest oil and gas discoveries globally and has a strong safety and environmental record. The company has been active in North America for 25 years and, over the six years since it began operations, has acquired a broad portfolio with offshore and onshore assets in Canada and the U.S.
The lease sale on June 20 was conducted by the Bureau of Ocean Energy Management (BOEM).
Statoil's winning bids are subject to review and final approval by the BOEM. This may take up to 90 days.
Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges. More information on www.statoil.com
SOURCE Statoil
1:42 AM Statoil (STO) aims to triple its North American oil and natural gas production by the end of the decade, to 500,000 barrels of oil equivalent a day from its current 149,000. The company is actively moving away from barely-profitable natural gas fields to concentrate on more lucrative liquids-based acreage.
SEEKING ALPHA
9:29 AM Statoil (STO) says it has lifted the steel jacket into position on the North Sea Valemon field, which is expected to come on stream in Q4 2014. At peak, Valemon is expected to produce ~86K boe/day; estimated recoverable reserves are ~210M barrels of oil equivalents. SEEKING ALPHA
11:07 AM Norway's Statoil (STO +2.4%) and its partners, including ExxonMobil (XOM), submit formal development plans to the Norwegian authorities for the North Sea Svalin oil and gas field, with the aim of producing 100K boe by 2014. Recoverable resources are estimated at 75M boe.
8:47 AM Statoil (STO) makes a significant gas discovery offshore Tanzania, its second big find in the Lavani block, and raises its resource estimates for its previous discovery. STO says the new find is estimated to contain 3T cubic ft. of gas, encountering 95 meters of excellent quality reservoir sandstone with high porosity and high permeability
11:22 AM Statoil (STO +1.4%) signs a deal to buy a floating production, storage and offloading unit from Maersk for an undisclosed figure. The unit has been used at the STO-operated Peregrino field offshore Brazil since production start-up in 2011; Peregrino has a storage capacity of 1.6M bbls of oil and produced at least 15M bbls during its first year of operation
STO is just presently a victim of Euro woes. It will recover once a few countries get their act together.
8:38 AM Statoil (STO) commits to invest £12B over the lifetime of the North Sea's Mariner and Bressay oil fields, U.K. Prime Minister Cameron says. The Mariner field is expected to hold recoverable resources of 300M-500M boe, while recoverable resources at Bressay are estimated at 200M-300M boe. SEEKING ALPHA
WHAT UP WITH THIS OIL; EXPORATION STOCK VALUE?
SHORTAGE OF WORLD OIL SUPPLY
BUT THIS STOCK PRICE KEEPS GOING DOWNWARD?
RESEARCH INDICATES SHOULD BE GOING UPDWARD?
JUST MY THOUGHTS AS I WATCH MY 401K PLUMMET IN VALUE..
GEKKO LIVES...
:58 AM Statoil (STO): Q1 net profit -5.4% to 15.12B kroner ($2.61B), beating consensus of 14.99B kroner. Revenue +34% to 194.8B kroner vs. estimate of 183.95B. Shares -0.2%. (PR)
8:14 AM More on Statoil (STO) Q1: Profit fall due to a one-off sales gain last year and higher taxes. Revenue increase mainly due to higher oil and gas prices, and volumes. Production +11% to 2.19M bpd, helped by new output in Brazil, Angola and Norway. "The long term pressure on energy prices will be upwards," predicts CEO Helge Lund.
SEEKING ALPHA
4:20 AM Statoil (STO) joins the "scramble for the Russian Arctic," signing a potential $100B cooperation deal with Rosneft to develop the country's offshore energy resources. The agreement is similar to ones signed by Exxon and Eni, and follows Russia authorization of the relevant tax breaks. SEEKING ALPHA
Followers
|
10
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
210
|
Created
|
09/25/07
|
Type
|
Free
|
Moderators |
Statoil ASA (STO)
Address:
Statoil ASA
Forusbeen 50
Stavanger N-4035
Norway
Phone: 47-51-99-00-00
Statoil ASA is an integrated oil and gas company. The Company's focus is on exploration, development and production of oil and natural gas from the Norwegian Continental Shelf (NCS). It has business operations in 34 countries. The Company's proved reserves as of December 31, 2006, consisted of 1,675 million barrels of oil and 399 billion cubic meters of natural gas, which represents an aggregate of 4,185 million barrels-of-oil equivalent. Statoil ASA operates in four business segments: Exploration and Production Norway (E&P Norway), International Exploration and Production (International E&P), Natural Gas, and Manufacturing and Marketing. During the year ended December 31, 2006, the Company acquired a 25% share in the license 218 in Blocks 6706/10 and 6706/12 in the Norwegian Sea. In June 2007, Statoil ASA, through its subsidiary Statoil Canada Limited, acquired North American Oil Sands Corporation.
CIK: 0001140625
Important Company Highlights:
Operations: http://www.statoil.com/en/ouroperations/pages/default.aspx
Top 20 shareholders: http://www.statoil.com/en/InvestorCentre/Share/Shareholders/Top20/Pages/default.aspx
Recent News: http://finance.yahoo.com/q/h?s=STO+Headlines
Transfer Agent:
Bank of New York Mellon Corp.
101 Barclay Street
22nd Floor
New York, NY 10286
Investor Relations:
Morten Sven Johannessen
Vice president
Statoil, USA
Email: mosvejo@statoil.com
Tel: +1 203 978 6950
All messages, including iBox content, are the opinion of the posters, are no substitute for your own research, and should not be relied upon for stock trading or any other purpose.
Also, keep in mind that moderators may or may not have a position in said stock. Being a moderator isn’t a sign of endorsement.
Please keep your posts on topic because your message(s) will probably be deleted when:
* Posting content that's off-topic to the subject of this board;
* Posting statements that don't add value to the discussion; or
* When you violate any other posting term of the iHub User Agreement: http://investorshub.advfn.com/boards/complex_terms.asp
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |