Back to top

Analyst Blog

Norwegian giant Statoil ASA (STO - Analyst Report) has won participating interests in 10 production licenses in the Awards in Predefined Areas 2013 (APA 2013) on the Norwegian Continental Shelf (NCS).  

The interests are part of new acreages in all three NCS provinces – Barents Sea, Norwegian Sea and North Sea. The company will operate PL765 in Barents Sea, with a 40% holding. PL765 is a relatively new license in the Hammerfest basin and holds immense potential as most of it remains largely unexplored.

Statoil will now operate PL755 with an ownership of 40% in the Norwegian Sea. The license lies to the east of Heidrun and aims to achieve optimal near-field exploration through this award. Statoil has also received a 60% ownership and operatorship in PL752 and 20% ownership in PL751 – both of which are located in the less mature Froya high/Froan basin where the company has a fresh outlook on traditional and new plays.

Moreover, in the North Sea, Statoil has gained ownership and operatorship of 30%, 50%, 50%, 20% and 77.8%, respectively, in PL745S, PL739S, PL072D, PL735S and PL333B. The company will also own 30% in PL044B, which is an additional acreage in the proximity of PL044 in the southern North Sea.

Statoil still believes that the mature areas of the NCS offer attractive exploration opportunities. The company is gradually trying to unlock the full potential of the mature area. This will result in maximizing value on the NCS.

The growth projects aim to leverage from the company’s regional knowledge and come out with new creative ideas and exploration concepts. Earlier this month, Statoil submitted its nomination of blocks for the 23rd licensing round to the authorities.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include NGL Energy Partners LP (NGL - Snapshot Report), Cheniere Energy Partners L.P. (CQP) and Pembina Pipeline Corporation (PBA - Snapshot Report). All these stocks sport a Zacks Rank #1 (Strong Buy).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
CENTURY ALU… CENX 22.53 +4.50%
ERBA DIAGNO… ERB 2.91 +4.30%
PLANAR SYST… PLNR 4.31 +3.86%
MALLINCKROD… MNK 72.17 +3.83%
GTT COMMUNI… GTT 12.06 +3.52%