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Statoil ASA

5/24/2013, 2:20 AM ET

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Wednesday, May 22, 3:33 PM Teekay Offshore Partners (TOO +0.7%) secures an agreement with Statoil (STO) to provide a floating storage and offtake unit for work in the North Sea. TOO says it will spend $220M to purchase the one-third of the shuttle tanker Randgrid it doesn't already own for conversion into the FSO; completion is scheduled for Q1 2017. Comment! [Energy]
Tuesday, May 21, 10:57 AM Given their activity in the Platts oil trading window, it’s not surprising that European regulators would send questionnaires to Glencore (GLCNF.PK), Vitol and other trading houses asking for information about how fuel pricing works. But no one knows exactly what is being investigated; a look at the Platts daily European oil markets newsletter shows the EU could be looking at any of dozens of daily price assessments. Comment! [Energy, Global & FX, Commodities]
Monday, May 20, 10:47 AM Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil. Comment! [Energy, Global & FX]
Friday, May 17, 11:58 AM Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell's recent problems north of Alaska with two drill ships don't help. 6 Comments [Energy]
Friday, May 17, 9:56 AM The U.K.'s Serious Fraud Office says it is "urgently reviewing" whether it has the authority to investigate allegations of price fixing in the oil market, after unannounced inspections earlier this week by EU antitrust authorities of BP, Shell (RDS.A, RDS.B) and Statoil (STO). The SFO believes it could be the appropriate body to investigate such allegations. 5 Comments [Energy, Global & FX]
Wednesday, May 15, 5:36 PM Fitch Ratings warns of massive fines along the lines of UBS' $1.5B Libor settlement if an EC probe into oil price manipulation finds any wrongdoing. While oil company balance sheets likely would absorb any fines thanks to big cash reserves, an offender "could face longer-term risks from damage to reputation," Fitch says, noting BP's exclusion from some business in the Gulf of Mexico after the Macondo spill. 4 Comments [Energy, Global & FX]
Tuesday, May 14, 10:42 AM An inspection is carried out at Statoil’s (STO) headquarters in Norway as part of a probe by European investigators into suspected anti-competitive practices. The suspected violations are related to the Platts' Market-On-Close price assessment process, used to report prices for crude oil, refined oil products and biofuels, and may have been ongoing since 2002. Comment! [Energy, Global & FX]
Tuesday, May 14, 9:42 AM Norway's plan to raise taxes on oil companies could raise the breakeven price of new projects by $5/bbl, putting profit margins at risk and likely leading to the shelving of some projects. Oil companies traditionally paying 9% of development costs must pay 12% beginning next year under the new plan, which Statoil (STO) says "reduces the attractiveness of future projects, particularly marginal fields." 1 Comment [Energy, Global & FX]
Tuesday, May 14, 9:05 AM Statoil (STO) signs a farm-in agreement with BP acquiring a 30% equity share in four exploration licenses offshore south Australia, providing STO "access to a vast, underexplored area with high-impact potential." The work program includes drilling up to four wells within the largely untested license area. BP will continue to operate the exploration licenses. Comment! [Energy, Global & FX]
Tuesday, May 14, 8:37 AM Noble Corp. (NE) is awarded a drilling contract by Statoil (STO) for a newbuild ultra-high specification jackup for use in the U.K. North Sea. The initial contract is for four years and is anticipated to begin during Q3 2016. The total estimated value of the primary term contract is $655M, which equates to an all-in dayrate of $448,600. 1 Comment [Energy]
Tuesday, May 7, 7:23 PM 50-50 partners ExxonMobil (XOM) and Statoil (STO) agree to begin development of the Julia oilfield in the Gulf of Mexico, estimated to hold nearly 6B barrels of resources. The field is expected to initially produce 34K bbl/day. Capital cost for the project, expected to begin oil production in 2016, is estimated at more than $4B. 1 Comment [Energy]
Monday, May 6, 8:08 AM Norwegian Prime Minister Jens Stoltenberg, up for re-election in September, proposes a tax increase on oil companies and multinationals, a move the industry warns could undermine Norway’s reputation as a stable environment for oil company investments. Statoil (STO) complains the plan would reduce the attractiveness of future projects, particularly marginal fields. STO -1.8% premarket. 3 Comments [Energy, Global & FX, On the Move]
Thursday, May 2, 12:54 PM The BP-led Shah Deniz consortium is beginning to evaluate binding transportation offers from two pipeline groups vying to carry natural gas from the giant offshore Shah Deniz gas field in Azerbaijan into Europe. The consortium, which is expected to reach a decision on the pipeline by late June, has received sales offers for more than 30B/year cubic meters of gas from more than 15 different gas buyers across Europe. Comment! [Energy, Global & FX]
Thursday, May 2, 8:13 AM Statoil (STO) posts 58% lower Q1 net profit Y/Y amid lower production volumes and prices. Adjusted earnings were NOK42.4B vs. NOK59.2B in the year-ago period and analysts' forecast of NOK47.98B. Revenue fell 22% to NOK47.9B vs. NOK61.8B a year ago. Overall production was 1.99M boe/day vs. 2.19M a year ago, hit in part by the attack on the Algerian In Amenas gas plant. Shares -2.7% premarket. 1 Comment [Earnings, Energy, On the Move]
Friday, April 19, 10:09 AM Statoil (STO +1.6%) says it found "significant" new oil resources in the North Sea, with preliminary calculations indicating the discovery in the Gullfaks oilfield contains in the range of 40M-150M recoverable barrels. The production well where tests are carried out is providing stable production of 7,500 bbl/day and has produced nearly 1M barrels since December. 1 Comment [Energy, Global & FX, On the Move]
Wednesday, April 17, 10:22 AM Statoil (STO -2.5%) is a step closer to starting its stalled drilling campaign in the Barents Sea after gaining a permit from Norwegian regulators for the first probe in the vicinity of its Skrugard discovery. STO hopes to kick off the total nine-well Arctic campaign later this month or next using Seadrill's semi-submersible West Hercules after being forced to postpone it from November. Comment! [Energy, Global & FX, On the Move]

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