11 companies applied for licenses Norway announced the applicants for its 24th licensing sale, showing a significant decrease in interest in the country. The round offers blocks in the Barents Sea, which is considered the most important area in the country for new development. In December 2017, eleven companies applied for production licenses, either alone or in groups. Some, like
Statoil ASA (ticker: STO) and Petroleo Brasileiro S.A. – Petrobras (ticker: PBR) have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos Basin in Brazil. The transaction nearly triples Statoil’s production in Brazil. Total consideration comprises an initial payment of $2.35 billion, plus additional contingent payments of up to $550 million. “This
Continental, Whiting, others shift positions from 2 years ago The North Dakota Industrial Commission released its September 2017 oil production data this week, reporting per-well production across the state. The largest oil producers in the Bakken/Three Forks plays in North Dakota are shown in the top chart. The NDIC data from September 2015, however, delivers a shuffled order of companies
Norske Shell (ticker: RDSA), Statoil (ticker: ASA), and Total E&P Norge (ticker: TOT) have signed a partnership agreement to mature the development of carbon storage on the Norwegian continental shelf. The CO2 project has a capacity of approximately 1.5 million tons per year for the first phase. The project is designed to accommodate additional CO2 volumes to stimulate new commercial
– Acquisition of ~24,000 bbl/d of Stable Production with ~US$44/bbl WTI Break Evens – Establishes Athabasca as a ~40,000 boe/d (90% liquids) Intermediate Producer in 2017 – Upgrades Asset Portfolio and Business Resiliency to Lower Oil Prices – Strong Base Cash Flow Generates a Funded Growth Profile and Accelerates Free Cash Flow Horizon – Attractive Acquisition Metrics of ~$24,000/bbl/d, ~5.8x
On Monday minister of petroleum and energy Tord Lien together with Statoil (ticker: STO), Centrica (ticker: CNA) and ExxonMobil (ticker: XOM) celebrated the 5 billion barrels of oil equivalent delivered by Statfjord since first oil in 1979. The minister got the honor of filling the barrel, which was decorated in golden color for the occasion. “The spin-offs created by Statfjord
Norway’s Statoil (ticker: STO) reported its second quarter results today, and executives said on the conference call that the company has no new drilling plans for its Bakken, Eagle Ford or Marcellus properties, citing volatile oil prices and weak NGL pricing in North America. Statoil Onshore U.S. Operations In 2008, Statoil acquired a 32.5% interest in the Marcellus shale gas acreage
President Obama ‘turning his back on the livelihoods of Alaskans who depend on resource development’ Today, the United States Department of the Interior and the Bureau of Ocean Energy Management released 348 pages of new Requirements for Exploratory Drilling on the Arctic Outer Continental Shelf. Today’s rule addresses certain key factors associated with conducting offshore oil and gas activities on the Arctic
Acquisition adds 500 undeveloped locations expected to have average laterals of 5,600 feet; Opens deep Utica opportunity; Resource Potential of the new acreage is estimated at 9.2 Tcf of Natural Gas EQT Corporation (ticker: EQT) announced it will acquire 62,500 net acres and 50 MMcfe/day of production from Statoil’s core Marcellus stake for $407 million, subject to customary closing conditions.
Norwegian E&P Hopes to Make Wind Profitable When oil major Statoil (ticker: STO; StatOil.com) acquired Brigham Exploration in 2011, the Norwegian company became a major operator in the Williston basin, with approximately 330,000 net acres in the play and an extensive gathering system including three operating oil facilities, seven operating saltwater disposal facilities, approximately 700 miles of pipeline and ten
Believes peak production from the Johan Sverdrup offshore field could reach 380 MBOPD Norway-based Statoil (ticker: STO), the largest acreage holder on the Norwegian Continental Shelf (NCS), added to its portfolio by acquiring more than 37 million shares of Lundin Petroleum (ticker: LUPE). The acquisition, announced on January 14, 2016, is valued at SEK 4.6 billion (roughly US$540 million) and
Statoil renews long-term contracts worth $1.23 billion Norwegian Statoil (ticker: STO) announced today that the company has renewed long-term contracts with an estimated value of NOK11 billion ($1.23 billion). The contracts are with Beerenberg Corp As and Prezioso Linjebygg AS, and cover insulation, scaffolding and surface treatment services, according to a press release from Statoil. The two companies will service
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