We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Statoil Strikes Gas at Wildcat Well 30/11-13 in North Sea
Read MoreHide Full Article
Norwegian energy giant Statoil ASA announced that it has completed the drilling of wildcat well 30/11-13. The well’s proven gas/condensate and is located in the North Sea. The well encountered gas columns at two levels in the top part of the Tarbert formation, at a total of 16 feet and 101 feet, respectively, of which 13 and 72 feet had good-to-moderate reservoir properties.
The preliminary estimation of the size of the discovery is 35–105 million standard cubic feet of recoverable oil equivalents. Well 30/11-13 was drilled to a vertical depth of 10,869 feet below the sea surface and was terminated in the Ness formation. It is the fourth exploration well in production license 272.
Well 30/11-13 was drilled by the Songa Delta drilling facility, which will continue the drilling campaign by drilling wildcat well 30/11-14 in the same production license operated by Statoil.
Statoil is a Norway-based major international integrated oil and gas company. Though the company has operations in all major hydrocarbon-producing regions of the world, it has an upstream focus on the NCS. Due to its strong offshore exposure, Statoil is a leader in subsea production.
In recent times, Statoil delivered strong exploration results and added significantly to its resource base by making several high impact discoveries. The latest finds give the company access to new regions of Norway, Russia, Azerbaijan, Tanzania and Australia, thereby paving the way for long-term growth.
The company is in a very strong financial position with current net debt-to-capital employed ratio of 21.8%. The company also actively returns cash to investors through regular dividend payouts and share buybacks.
Zacks Rank & Key Picks
Currently, Statoil carries a Zacks Rank #3 (Hold). Some better-ranked players from the broader energy sector are Braskem S.A. (BAK - Free Report) , McDermott International Inc. and North Atlantic Drilling Limited . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Statoil Strikes Gas at Wildcat Well 30/11-13 in North Sea
Norwegian energy giant Statoil ASA announced that it has completed the drilling of wildcat well 30/11-13. The well’s proven gas/condensate and is located in the North Sea. The well encountered gas columns at two levels in the top part of the Tarbert formation, at a total of 16 feet and 101 feet, respectively, of which 13 and 72 feet had good-to-moderate reservoir properties.
The preliminary estimation of the size of the discovery is 35–105 million standard cubic feet of recoverable oil equivalents. Well 30/11-13 was drilled to a vertical depth of 10,869 feet below the sea surface and was terminated in the Ness formation. It is the fourth exploration well in production license 272.
Well 30/11-13 was drilled by the Songa Delta drilling facility, which will continue the drilling campaign by drilling wildcat well 30/11-14 in the same production license operated by Statoil.
STATOIL ASA-ADR Price
STATOIL ASA-ADR Price | STATOIL ASA-ADR Quote
Statoil is a Norway-based major international integrated oil and gas company. Though the company has operations in all major hydrocarbon-producing regions of the world, it has an upstream focus on the NCS. Due to its strong offshore exposure, Statoil is a leader in subsea production.
In recent times, Statoil delivered strong exploration results and added significantly to its resource base by making several high impact discoveries. The latest finds give the company access to new regions of Norway, Russia, Azerbaijan, Tanzania and Australia, thereby paving the way for long-term growth.
The company is in a very strong financial position with current net debt-to-capital employed ratio of 21.8%. The company also actively returns cash to investors through regular dividend payouts and share buybacks.
Zacks Rank & Key Picks
Currently, Statoil carries a Zacks Rank #3 (Hold). Some better-ranked players from the broader energy sector are Braskem S.A. (BAK - Free Report) , McDermott International Inc. and North Atlantic Drilling Limited . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>