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Statoil's (STO) Operations to Have Spinoffs in North Norway
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Statoil ASA , on behalf of its license partners has decided that the Johan Castberg operation will be supported by a supply and helicopter base in Hammerfest and an operations organization in Harstad.
Johan Castberg is scheduled to be commissioned in 2022 and will be operational for 30 years. The partners intend to invest about NOK 1.15 billion per year in field operations, totaling to about 1700 man-years nationally, of which about 500 will be conducted in North Norway. These comprise both direct and indirect spinoffs.
Among the projects yet to be developed, Johan Castberg is one of the largest projects in Statoil’s portfolio. Its contribution in developing the northern petroleum activity will be significant. A final investment decision with respect to the operation is to be made by the end of 2017.
The overall operational support to Johan Castberg will have significant spinoffs in North Norway. The whole process has been widespread and after evaluating several alternatives, the partners have agreed that Hammerfest and Harstad will independently prove to be the best industrial solution for Johan Castberg.
The Hammerfest supply base will provide employment for about 30-45 man years and the helicopter base will total to about 12-15 man years. Bases have already been established at Hammerfest, which has long experience in such services while delivering the most qualified and lucrative solution.
The Harstad operation is anticipated to have an employment effect of 40-45 man-years, supporting the offshore organisation and developing the field during production. Based on four decades of experience from operations in the north, Statoil has developed a strong specialist environment in the city. Johan Castberg will gain mainly from co-locating with the Norne and Aasta Hansteen organisations which have related elements in their development concepts.
The field would require a staff of 90-100 people spread over three shifts. Recruitment of offshore personnel from Finnmark county will be a priority.
Johan Castberg development costs are estimated at about NOK 50 billion. During the development phase, the national employment has been projected at about 47,000 man-years, of which nearly 1800 will be in North Norway.
Statoil, together with the other operators of oil fields in the Barents Sea, are examining the potential to find possible economic solutions for an oil terminal at Veidnes.
Investor’s confidence on the Statoil stock is reflected in its price chart. Shares of the company gained 1% over the last one year, while the Zacks categorized Oil & Gas – International Integrated industry declined 1.1% in the same time span.
Statoil currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - 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.
SunCoke Energy delivered a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
Sell These Stocks. Now.
Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
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Statoil's (STO) Operations to Have Spinoffs in North Norway
Statoil ASA , on behalf of its license partners has decided that the Johan Castberg operation will be supported by a supply and helicopter base in Hammerfest and an operations organization in Harstad.
Johan Castberg is scheduled to be commissioned in 2022 and will be operational for 30 years. The partners intend to invest about NOK 1.15 billion per year in field operations, totaling to about 1700 man-years nationally, of which about 500 will be conducted in North Norway. These comprise both direct and indirect spinoffs.
Among the projects yet to be developed, Johan Castberg is one of the largest projects in Statoil’s portfolio. Its contribution in developing the northern petroleum activity will be significant. A final investment decision with respect to the operation is to be made by the end of 2017.
The overall operational support to Johan Castberg will have significant spinoffs in North Norway. The whole process has been widespread and after evaluating several alternatives, the partners have agreed that Hammerfest and Harstad will independently prove to be the best industrial solution for Johan Castberg.
The Hammerfest supply base will provide employment for about 30-45 man years and the helicopter base will total to about 12-15 man years. Bases have already been established at Hammerfest, which has long experience in such services while delivering the most qualified and lucrative solution.
The Harstad operation is anticipated to have an employment effect of 40-45 man-years, supporting the offshore organisation and developing the field during production. Based on four decades of experience from operations in the north, Statoil has developed a strong specialist environment in the city. Johan Castberg will gain mainly from co-locating with the Norne and Aasta Hansteen organisations which have related elements in their development concepts.
The field would require a staff of 90-100 people spread over three shifts. Recruitment of offshore personnel from Finnmark county will be a priority.
Johan Castberg development costs are estimated at about NOK 50 billion. During the development phase, the national employment has been projected at about 47,000 man-years, of which nearly 1800 will be in North Norway.
Statoil, together with the other operators of oil fields in the Barents Sea, are examining the potential to find possible economic solutions for an oil terminal at Veidnes.
Investor’s confidence on the Statoil stock is reflected in its price chart. Shares of the company gained 1% over the last one year, while the Zacks categorized Oil & Gas – International Integrated industry declined 1.1% in the same time span.
Statoil currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - 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.
SunCoke Energy delivered a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
Sell These Stocks. Now.
Just released, today's 220 Zacks Rank #5 Strong Sells demand urgent attention. If any are lurking in your portfolio or Watch List, they should be removed immediately. These sinister companies because many appear to be sound investments. However, from 1988 through 2016, stocks from our Strong Sell list have actually performed 6X worse than the S&P 500.
See today's Zacks "Strong Sells" absolutely free >>