Back to top

Analyst Blog

Norwegian major Statoil ASA (STO - Analyst Report) has commenced the drilling of an exploration well at the Nanna prospect in the North Sea off Norway.

The exploration well – 25/11-26 – is being spud by Diamond Offshore Drilling, Inc.’s (DO - Analyst Report) semi-submersible Ocean Vanguard. The probe lies in production license (PL) 169 and is being drilled in a water depth of about 130 meters.

The drilling of wildcat is estimated to take about 32 days with an intention to touch a total depth of 2,222 meters. Another 20 days would be required for further appraisal of a prospective find in the PL 169.

Statoil, the operator of PL 169, has a 57% interest in the license, while partners Petoro and ExxonMobil Corporation (XOM - Analyst Report) hold 30% and 13% interests, respectively.

Statoil has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the Norwegian Continental Shelf (NCS). We believe the company’s growing upstream presence in the emerging basins of the Caspian Sea, West Africa and the deepwater U.S. Gulf of Mexico will enable Statoil to sustain its production growth for the next few years.

In early January, Statoil achieved drilling success in its latest appraisal on the Johan Sverdrup find, off Norway. The appraisal confirmed oil presence in the southern part of the find, giving a boost to the resource availability in the area.

In 2013, Statoil, along with its project partners – OMV and ConocoPhillips (COP - Analyst Report) are also planning to advance on the development of Aasta Hansteen – a field in the Norwegian Sea. These projects show the importance of NCS in Statoil’s portfolio.

Currently Statoil carries a Zacks Rank #3 (Hold).
 

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
TRIQUINT SE… TQNT 20.67 +6.52%
RF MICRO DE… RFMD 12.47 +6.04%
VASCO DATA… VDSI 14.77 +4.68%
BANCO DO BR… BDORY 15.53 +3.95%
STRATTEC SE… STRT 80.24 +3.00%