Statoil ASA recently announced an accord with Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) for acquiring a 25% stake in Roncador field, located off the coast of Brazil.
The Norwegian energy giant is expected to pay $2.35 billion initially. The deal also includes a contingent payment of roughly $550 million. Although the company is yet to announce the transaction’s closing date, the agreement awaits consent from the government. Even on completion of the deal, Petrobras will continue to be the operator of the field with a 75% stake.
Notably, Statoil expects the purchase of the Brazilian resources to boost its production in the country by nearly three times. The company added Roncador is the third largest resource in Petrobras’ portfolio in terms of production — the output being roughly 10 billion barrels of oil equivalent (BoE). The companies will also work on driving recoverable volumes from the field.
With the completion of the purchase of Roncador field stake, Statoil will further expand its presence in Brazil. The company has operatorship interest in the country’s resources like Peregrino field, six blocks in Espírito Santo Basin and Carcará North block.
Investors should know that per the recent deal, Statoil could also utilize the option of employing a proportion of Cabiúnas natural gas terminal’s capacity for developing the BM-C-33 block — located off the coast in the Campos Basin.
Headquartered in Stavanger, Statoil is a leading integrated energy firm. Year to date, the stock has rallied 10.5%, outperforming the industry’s 4.4% gain.
Statoil carries a Zacks Rank #2 (Buy). A few other top-ranked players in the energy sector are Lonestar Resources US Inc. and China Petroleum & Chemical Corporation . Both the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Headquartered in Fort Worth, TX, Lonestar is an upstream energy player. The company is expected to post year-over-year earnings growth of 81.3% in 2017.
Headquartered in Beijing, China Petroleum is a leading integrated energy player. The company will likely witness year-over-year earnings growth of 59.1% in 2017.
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Statoil ASA recently announced an accord with Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) for acquiring a 25% stake in Roncador field, located off the coast of Brazil.
The Norwegian energy giant is expected to pay $2.35 billion initially. The deal also includes a contingent payment of roughly $550 million. Although the company is yet to announce the transaction’s closing date, the agreement awaits consent from the government. Even on completion of the deal, Petrobras will continue to be the operator of the field with a 75% stake.
Notably, Statoil expects the purchase of the Brazilian resources to boost its production in the country by nearly three times. The company added Roncador is the third largest resource in Petrobras’ portfolio in terms of production — the output being roughly 10 billion barrels of oil equivalent (BoE). The companies will also work on driving recoverable volumes from the field.
With the completion of the purchase of Roncador field stake, Statoil will further expand its presence in Brazil. The company has operatorship interest in the country’s resources like Peregrino field, six blocks in Espírito Santo Basin and Carcará North block.
Investors should know that per the recent deal, Statoil could also utilize the option of employing a proportion of Cabiúnas natural gas terminal’s capacity for developing the BM-C-33 block — located off the coast in the Campos Basin.
Headquartered in Stavanger, Statoil is a leading integrated energy firm. Year to date, the stock has rallied 10.5%, outperforming the industry’s 4.4% gain.
Statoil carries a Zacks Rank #2 (Buy). A few other top-ranked players in the energy sector are Lonestar Resources US Inc. and China Petroleum & Chemical Corporation . Both the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Headquartered in Fort Worth, TX, Lonestar is an upstream energy player. The company is expected to post year-over-year earnings growth of 81.3% in 2017.
Headquartered in Beijing, China Petroleum is a leading integrated energy player. The company will likely witness year-over-year earnings growth of 59.1% in 2017.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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