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Statoil's Gullfaks Field Completes 3 Decades of Operations
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Statoil ASA’s recently reported that the Gullfaks field has been a major learning experience and played a key role in its development as an operating company. Statoil’s positivity is reflected in its price chart, which has increased by 29.6%, year to date. The Zacks categorized Oil & Gas-International Integrated market, on the other hand, has moved up by 19%. Gullfaks was the first field where the company was both developer and operator. The field was brought online on Dec 22, 1986 and has produced 2.6 billion barrels of oil over the last three decades.
Statoil has gained immense knowledge from the development of Statfjord and the international companies that were engaged on the Norwegian Continental Shelf in the initial days. The formation of the operations organization in Bergen was a strategic decision to build a petroleum cluster in the region.
The name Gullfaks is derived from "Gullblokken" (the Golden Block), as the block 34/10 was known before its allocation in 1978. The Golden Block was awarded to a completely Norwegian group, comprising Statoil, Hydro and Saga with 85%, 9% and 6% stake, respectively. The Norwegian industry accounted for about 80% of the total investments.
The first explorations, which were carried out in the 1970s, showed that this was an important oil and gas reservoir. However, at that time the field was anticipated to expire just into the new millennium. The latest estimations, however, indicate that the production horizon stretches toward 2040.
Statoil opened the valves of its very first subsea well in Gullfaks on Dec 22, thereby starting an incredible technological development. Without this technology, it would have been impossible to develop fields like Åsgard and Troll Oil. Statoil has led some of the most important breakthroughs in the global subsea industry.
Subsequently, more satellites have been linked to Gullfaks. In fact, Gullfaks South has been developed with installations on the seabed and was brought online in Oct 1998, with production of oil and condensate and reinjection of related gas. Phase two commenced in Oct 2001 and included production and export of gas linked to the A and C platforms.
The Rimfaks satellite – consisting of three subsea templates – has production pipes connected to Gullfaks A, while Skinfaks has a production system connected to the templates in Gullfaks South. Another example is Gimle, which is situated between Gullfaks and Visund and is linked to Gullfaks C.
Gullfaks is an outstanding example of improved oil recovery (IOR) and has won the Norwegian Petroleum Directorate's IOR prize, among other awards.
After a considerable drop in production from Gullfaks in late 2010, production soon recovered. The primary reason for the high recovery factor at Gullfaks was water injection. Moreover, Statoil has developed subsea gas compression, in partnership with others, to speed up gas production.
Zacks Rank
Statoil currently has a Zacks Rank #4 (Sell). Some better-ranked players in the same sector include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
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In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>
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Statoil's Gullfaks Field Completes 3 Decades of Operations
Statoil ASA’s recently reported that the Gullfaks field has been a major learning experience and played a key role in its development as an operating company. Statoil’s positivity is reflected in its price chart, which has increased by 29.6%, year to date. The Zacks categorized Oil & Gas-International Integrated market, on the other hand, has moved up by 19%.
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Gullfaks was the first field where the company was both developer and operator. The field was brought online on Dec 22, 1986 and has produced 2.6 billion barrels of oil over the last three decades.
Statoil has gained immense knowledge from the development of Statfjord and the international companies that were engaged on the Norwegian Continental Shelf in the initial days. The formation of the operations organization in Bergen was a strategic decision to build a petroleum cluster in the region.
The name Gullfaks is derived from "Gullblokken" (the Golden Block), as the block 34/10 was known before its allocation in 1978. The Golden Block was awarded to a completely Norwegian group, comprising Statoil, Hydro and Saga with 85%, 9% and 6% stake, respectively. The Norwegian industry accounted for about 80% of the total investments.
The first explorations, which were carried out in the 1970s, showed that this was an important oil and gas reservoir. However, at that time the field was anticipated to expire just into the new millennium. The latest estimations, however, indicate that the production horizon stretches toward 2040.
Statoil opened the valves of its very first subsea well in Gullfaks on Dec 22, thereby starting an incredible technological development. Without this technology, it would have been impossible to develop fields like Åsgard and Troll Oil. Statoil has led some of the most important breakthroughs in the global subsea industry.
Subsequently, more satellites have been linked to Gullfaks. In fact, Gullfaks South has been developed with installations on the seabed and was brought online in Oct 1998, with production of oil and condensate and reinjection of related gas. Phase two commenced in Oct 2001 and included production and export of gas linked to the A and C platforms.
The Rimfaks satellite – consisting of three subsea templates – has production pipes connected to Gullfaks A, while Skinfaks has a production system connected to the templates in Gullfaks South. Another example is Gimle, which is situated between Gullfaks and Visund and is linked to Gullfaks C.
Gullfaks is an outstanding example of improved oil recovery (IOR) and has won the Norwegian Petroleum Directorate's IOR prize, among other awards.
After a considerable drop in production from Gullfaks in late 2010, production soon recovered. The primary reason for the high recovery factor at Gullfaks was water injection. Moreover, Statoil has developed subsea gas compression, in partnership with others, to speed up gas production.
Zacks Rank
Statoil currently has a Zacks Rank #4 (Sell). Some better-ranked players in the same sector include Braskem S.A. (BAK - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Noble Midstream Partners L.P. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>