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Statoil (STO) Discovers Oil and Gas Deposits Near Norne
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Statoil ASA recently announced that it has hit oil and gas deposit close to Norne, one year after it was awarded the license. Initially, the discovery is estimated to hold resources in the range of 20–80 million barrels.
The drilling of the Cape Vulture exploration well began in early Dec 2016. The well was drilled in the license 128 after the license 128D was awarded in the APA (Award in Predefined Areas) round in 2015. The well is being spud owing to the development of a new exploration concept for the Nordland Ridge.
The Cape Vulture discovery paves way for further exploration prospects in the area. Henceforth, Statoil will carry out a detailed analysis of the results and recognize new exploration targets in the area.
Consequently, plans for further appraisal of the discovery will be made. Located north-west of Norne, a tie-back of the discovery to the FPSO at the Norne field will also be considered.
Statoil, the operator of license 128 and 128D, has a holding of 64%. Other partners include Petoro and Eni SpA (E - Free Report) with 24.5% and 11.5%, respectively.
Statoil’s endeavor to improve recovery of resources in mature fields is commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the Norwegian Continental Shelf (NCS). We believe that Statoil is well positioned to sustain its steady production growth over the next few years on the back of its large resource base at NCS.
Investor confidence on the Statoil stock is reflected in its price chart. Shares of the company appreciated 64.9% in the last one year, while The Zacks categorized Oil & Gas-International Integrated industry gained 37.9% in the same time span. Zacks Rank and Stocks to Consider
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 has an average earnings surprise of 40.55% for the four trailing quarters.
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Statoil (STO) Discovers Oil and Gas Deposits Near Norne
Statoil ASA recently announced that it has hit oil and gas deposit close to Norne, one year after it was awarded the license. Initially, the discovery is estimated to hold resources in the range of 20–80 million barrels.
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The drilling of the Cape Vulture exploration well began in early Dec 2016. The well was drilled in the license 128 after the license 128D was awarded in the APA (Award in Predefined Areas) round in 2015. The well is being spud owing to the development of a new exploration concept for the Nordland Ridge.
The Cape Vulture discovery paves way for further exploration prospects in the area. Henceforth, Statoil will carry out a detailed analysis of the results and recognize new exploration targets in the area.
Consequently, plans for further appraisal of the discovery will be made. Located north-west of Norne, a tie-back of the discovery to the FPSO at the Norne field will also be considered.
Statoil, the operator of license 128 and 128D, has a holding of 64%. Other partners include Petoro and Eni SpA (E - Free Report) with 24.5% and 11.5%, respectively.
Statoil’s endeavor to improve recovery of resources in mature fields is commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the Norwegian Continental Shelf (NCS). We believe that Statoil is well positioned to sustain its steady production growth over the next few years on the back of its large resource base at NCS.
Investor confidence on the Statoil stock is reflected in its price chart. Shares of the company appreciated 64.9% in the last one year, while The Zacks categorized Oil & Gas-International Integrated industry gained 37.9% in the same time span.
Zacks Rank and Stocks to Consider
Statoil currently has a Zacks Rank #4 (Sell). Some better-ranked players in the same space include Braskem S.A. (BAK - Free Report) and Suncor Energy, Inc. (SU - Free Report) . 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 has an average earnings surprise of 40.55% for the four trailing quarters.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>