Statoil ASA

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  • Thu, Jan. 14, 4:55 AM
    • Statoil (NYSE:STO) has increased its exposure to its home market by buying a big stake in Lundin Petroleum (OTCPK:LNDNY), boosting its presence in the Johan Sverdrup field, Norway's biggest offshore project in decades.
    • The Norwegian state-controlled oil major bought 11.9% in the Swedish company for SEK4.6B ($539M) making the acquisition Statoil's first big deal since oil prices started collapsing 18 months ago.
    | Thu, Jan. 14, 4:55 AM | 8 Comments
  • Fri, Jan. 8, 9:15 AM
    • Statoil (NYSE:STO) says a natural gas leak at its Karsto gas processing plant in Norway had been stopped following an emergency evacuation yesterday, but that production was cut in half at its Sleipner gas field in the North Sea because of the incident.
    • Karsto is a key part of Norway's gas export system, processing natural gas and condensates brought in by pipeline from North Sea fields such as Sleipner and Asgard, and exporting gas by ship and pipelines to European countries.
    • STO says it does not yet know how much gas was released during the Karsto leak or when production at Sleipner would be restored to full capacity.
    | Fri, Jan. 8, 9:15 AM | 1 Comment
  • Thu, Jan. 7, 8:28 AM
    • Statoil (NYSE:STO) CEO Eldar Saetre says the oil rout that has pushed prices to a 12-year low may get worse before it gets better, as crude's slide "underlines the uncertainty" in the market.
    • The CEO foresees volatility and big swings but "firmly believe(s) prices will rise because there is little new production capacity entering the market."
    • Saetre says STO would focus on efficiency measures if the company's net debt to capital employed rises beyond its 15%-30% reference range, citing STO's "good momentum” in a cost-cutting program designed to yield annual savings of $1.7B by the end of 2016.
    • The company will stick to its dividend policy, the CEO says, adding STO is “very clear that it has a long-term perspective in the same way that we operate our business and our financial governance, and the dividend policy isn’t linked to current oil prices."
    | Thu, Jan. 7, 8:28 AM | 5 Comments
  • Dec. 31, 2015, 8:19 AM
    | Dec. 31, 2015, 8:19 AM | 3 Comments
  • Dec. 23, 2015, 6:55 PM
    • Statoil (NYSE:STO) won the first round of a legal battle with Diamond Offshore (NYSE:DO) over a charter cancellation after gaining a favorable court ruling this week in the case, as a judge ruled the Norwegian company did not breach a contract when it terminated the rig deal.
    • DO had alleged that STO wrongfully terminated a contract for the Ocean Vanguard drilling rig, a deal which provided a $454K dayrate and was to expire in February 2015; STO canceled the lease nine months early, wiping away more than $100M of future drilling work and causing a “significant negative impact” on DO’s results.
    • DO says it plans to appeal the judgment.
    | Dec. 23, 2015, 6:55 PM
  • Dec. 22, 2015, 2:19 PM
    • Eni's (E +0.9%) Goliat oil field offshore northern Norway faces another delay, as Norwegian regulators have requested more information about safety and other issues before they approve the start of production.
    • Eni now expects production at Goliat - due to become the world's most northerly producing oil field but two years behind schedule and over budget - to begin during the first few weeks of 2016.
    • Even when consent is granted it could take up to five weeks to start production at Goliat due to the time given for the appeal process, Eni says.
    • Operator Eni has a 65% stake in the field, and Statoil (STO +1.5%) holds the remaining 35%.
    | Dec. 22, 2015, 2:19 PM | 1 Comment
  • Dec. 18, 2015, 7:55 AM
    • Statoil (NYSE:STO) submits a plan to Norway's government to develop and operate its NOK8.2B ($940M) project designed to squeeze more oil and gas out of the Oseberg area of the North Sea.
    • The Oseberg Vestflanken 2 project, which is expected to start production in Q2 2018, is designed to extract 110M boe thanks to Norway’s first unmanned wellhead platform, and is the first of three planned phases for the development of remaining reserves in the Oseberg area.
    • STO is moving ahead with the project even as it cuts spending to cope with lower oil prices, as it considers Oseberg an important part in its goal to maintain its production in Norway at current levels to 2030 and beyond.
    | Dec. 18, 2015, 7:55 AM | 1 Comment
  • Dec. 17, 2015, 5:41 PM
    • Transocean (NYSE:RIG) -1.8% AH after Statoil (NYSE:STO) says it canceled its contract for RIG's Discoverer Americas drillship before the scheduled expiration in May due to lack of work.
    • STO says the rig has been on contract since 2009 but it was unable to secure additional activity in the current environment for the remainder of the contract period, ending in May 2016.
    • The rig was most recently working in the Gulf of Mexico at a rate of $590K/day, according to RIG’s most recent fleet status report.
    | Dec. 17, 2015, 5:41 PM | 11 Comments
  • Dec. 15, 2015, 11:33 AM
    • Statoil (STO +2.7%) says its development of the Johan Castberg oil field will move ahead as planned despite the decision by Norway's oil ministry to give up seeking permission from European competition authorities to provide state support to the project.
    • Norway had wanted to offer a package of incentives to STO and partner Eni (E +2%) to help set up an onshore processing oil terminal for the field, which is believed to contain up to 650M boe.
    • Separately, STO awards contracts worth up to NOK24B ($2.77B) for the maintenance of its offshore and onshore oil and gas installations in Norway, saying it had designed a new compensation system to save more money on oil services.
    | Dec. 15, 2015, 11:33 AM | 1 Comment
  • Dec. 11, 2015, 8:30 AM
    • In an asset swap with no cash exchanging hands, Statoil (NYSE:STO) agrees to acquire 13% of its Eagle Ford joint venture from Repsol (OTCQX:REPYF, OTCQX:REPYY), as well as a 31% equity share in the U.K. license for the Alfa Sentral field spanning the U.K.-Norway maritime border, while Repsol acquires a 15% stake in the Gudrun field offshore Norway.
    • STO will remain the operator of Gudrun and largest equity holder with a 36% interest.
    • STO also will assume operatorship of the BM-C-33 license in Brazil's Campos basin, pending approval from authorities.
    • For STO, taking operatorship in the Eagle Ford should allow it to run the venture more cost efficiently; Repsol, which is carrying €13.1B in net debt, gets some near-term cash flow relief as well as a producing asset, and using tax losses in Norway should enhance the value of the cash flows from the Gudrun field.
    | Dec. 11, 2015, 8:30 AM
  • Dec. 9, 2015, 11:20 AM
    • Statoil (STO +2.2%) says it is seeking clarification on Tanzania’s new petroleum law and wants to determine how it will affect companies like itself already operating in the country.
    • Tanzania's parliament passed the petroleum legislation in July, ushering in a royalty regime in which energy companies pay 12.5% for onshore oil and gas production and 7.5% for offshore, and profit-sharing rates will be negotiated with individual companies.
    • Tanzania has east Africa’s biggest reserves of natural gas after Mozambique, with new discoveries raising hopes it can become an exporter with the development of a processing plant and pipeline; the government estimates reserves at 55T cf.
    | Dec. 9, 2015, 11:20 AM | 1 Comment
  • Dec. 7, 2015, 11:44 AM
    • Oil companies including Royal Dutch Shell (RDS.A, RDS.B), BP and Statoil (NYSE:STO) have been dropped from the European Union's probe into potential manipulation of crude oil benchmarks, the European Commission says.
    • Raids on the three oil majors and price publisher Platts in 2013 over suspected benchmark-rigging was similar to probes into banks for trying to manipulate Libor and forex markets, when EU antitrust regulators levied €1.7B in fines.
    • The investigation is now focusing on ethanol benchmarks, opening a formal investigation into suspicions Abengoa (NASDAQ:ABGB) colluded with two other companies to push up prices.
    | Dec. 7, 2015, 11:44 AM | 12 Comments
  • Dec. 4, 2015, 8:56 AM
    • Norway's government says 26 oil companies have applied for drilling permission in the country's latest licensing round, which includes a previously unexplored Arctic frontier area at the border with Russia.
    • Among the applicants in Norway's 23rd concession round, which is mostly focused on the Arctic Barents Sea - including the area where Norway settled a 40-year border dispute with Russia just five years ago - include Statoil (NYSE:STO), Shell (RDS.A, RDS.B), BP, Chevron (NYSE:CVX) and Russia's Lukoil (OTC:LUKOF, OTCPK:LUKOY).
    • The Barents Sea is considered a costly area to develop, due partly to the lack of infrastructure, and STO's Snoehvit gas field so far is Norway's only Arctic offshore field in production, but it accounts for 40% of the oil and gas resources on the Norwegian continental shelf that have yet to be produced.
    | Dec. 4, 2015, 8:56 AM | 6 Comments
  • Dec. 2, 2015, 2:36 PM
    • Citigroup’s Alastair Syme and his team of energy advisers like Total (TOT -1.8%) and Statoil (STO -2.2%) - not just Chevron (CVX -2.2%) - as investments that offer investors dividend protection and medium-term dividend growth at discounted valuations; the firm rates all three at Buy.
    • With oil prices set to remain at cyclical lows through H1 2016, Citi says the environment will challenge companies that rely too heavily on price recovery, so it prefers TOT, STO and CVX for their low beta themes of balance sheet, cost cutting, and growth - "the fastest self-help mechanism."
    • Syme also likes ConocoPhillips (COP -3.4%) even though the company's fortunes are tied more closely to oil prices and that it likely will cut its dividend, which he says already looks discounted in the valuation.
    • Earlier: Chevron upgraded to Buy at Citi, but -2% as crude oil falls
    | Dec. 2, 2015, 2:36 PM | 7 Comments
  • Dec. 1, 2015, 7:47 AM
    • Statoil (NYSE:STO) agrees to sell its 20% stake in the Trans Adriatic Pipeline to Italian gas pipeline operator Snam for €208M ($220M), partly to reduce its spending obligations.
    • The 882 km TAP, stretching from Turkey through Greece and Albania to Italy, will be the westernmost part of the 3,500 km Southern Gas Corridor, which is set up to bring gas from Azerbaijan's Shah Deniz gas field to the European market via Georgia and Turkey toward the end of the decade.
    • STO had been a partner in the TAP pipeline since 2008 but has sold off all interests in the Shah Deniz field, part of its divestment of ~$25B in assets.
    | Dec. 1, 2015, 7:47 AM | 1 Comment
  • Nov. 23, 2015, 8:33 AM
    • Statoil (NYSE:STO) says it probably will drill fewer wells offshore Norway next year, expecting to drill 16 wells in the country as an operator in 2015, down from 21 last year, as it delays exploration in the Barents Sea for a second year.
    • STO has not drilled in the Barents Sea off Norway’s northern tip this year after a record campaign ended with disappointing results in 2014, but says it will return in 2017 at the earliest once it has received new acreage in upcoming licensing rounds.
    • STO will concentrate on the Krafla area in the North Sea in next year’s exploration efforts in Norway, says the company's executive VP for exploration.
    | Nov. 23, 2015, 8:33 AM | 1 Comment
Company Description
Statoil ASA is an integrated oil and gas company. It explores, produces, transports, refines, and markets petroleum and petroleum-derived products. It has operations in Norway, rest of Europe, North America, Africa, Asia and South America.