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Statoil (STO) Plans to Boost Exploration Activities in NCS
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Statoil ASA has decided to accelerate oil and gas exploration activities in the Norwegian Continental Shelf (“NCS”) in 2018.
In 2014, when commodity prices started dropping drastically, oil companies had to lower exploration budgets considerably. However, these companies have reinitiated exploration activities. This implies additional work for owners of drilling rigs, such as Transocean Ltd or Seadrill Limited.
Statoil is reviving from the depression and has become one of the most dynamic offshore explorers. The majority-state owned company intends to drill 25 to 30 wells in Norway in 2018. Per the previous plan, Statoil planned to drill 16 to 18 wells in 2017. The number also includes partner-operated wells.
Earlier, the company forwarded a proposal to drill five wells in the Barents Sea in 2018. This area is perceived as an unexplored region offshore Norway.
In 2017, Statoil projected to drill about 30 exploration wells worldwide at a total budget of $1.3 billion. However, the company has not revealed the number for 2018, as a few wells are in the planning stage.
In 2016, Statoil drilled a total of 23 exploration wells as operator and partner, including 14 offshore Norway.
Statoil’s endeavors to improve resource recovery in mature fields are commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the NCS. We believe that the commpany is well positioned to sustain steady production growth in the next few years on the back of a large resource base at NCS. Its expertise in operating in this region will enable the company to achieve targets.
Price Performance
The company’s shares have returned 9.1% compared with the industry’s rally of 4.8% in the past six months.
The largest petrochemical operator in Latin America, Braskem, delivered a positive earnings surprise of 25.49% in the preceding quarter.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It posted an average positive earnings surprise of 152.34% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average earnings surprise of 175.00% in the last four quarters.
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.
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Statoil (STO) Plans to Boost Exploration Activities in NCS
Statoil ASA has decided to accelerate oil and gas exploration activities in the Norwegian Continental Shelf (“NCS”) in 2018.
In 2014, when commodity prices started dropping drastically, oil companies had to lower exploration budgets considerably. However, these companies have reinitiated exploration activities. This implies additional work for owners of drilling rigs, such as Transocean Ltd or Seadrill Limited.
Statoil is reviving from the depression and has become one of the most dynamic offshore explorers. The majority-state owned company intends to drill 25 to 30 wells in Norway in 2018. Per the previous plan, Statoil planned to drill 16 to 18 wells in 2017. The number also includes partner-operated wells.
Earlier, the company forwarded a proposal to drill five wells in the Barents Sea in 2018. This area is perceived as an unexplored region offshore Norway.
In 2017, Statoil projected to drill about 30 exploration wells worldwide at a total budget of $1.3 billion. However, the company has not revealed the number for 2018, as a few wells are in the planning stage.
In 2016, Statoil drilled a total of 23 exploration wells as operator and partner, including 14 offshore Norway.
Statoil’s endeavors to improve resource recovery in mature fields are commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the NCS. We believe that the commpany is well positioned to sustain steady production growth in the next few years on the back of a large resource base at NCS. Its expertise in operating in this region will enable the company to achieve targets.
Price Performance
The company’s shares have returned 9.1% compared with the industry’s rally of 4.8% in the past six months.
Zacks Rank & Other Key Picks
Statoil currently carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy sector include Braskem SA (BAK - Free Report) , ConocoPhillips (COP - Free Report) and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
The largest petrochemical operator in Latin America, Braskem, delivered a positive earnings surprise of 25.49% in the preceding quarter.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It posted an average positive earnings surprise of 152.34% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average earnings surprise of 175.00% in the last four quarters.
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.
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