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Statoil ASA (STO)

- NYSE
  • Oct. 28, 2014, 5:58 PM
    • Hess (NYSE:HES) says it will proceed with development of the $6B Stampede oil and gas project in the deepwater Gulf of Mexico.
    • Gross topsides processing capacity for the project is ~80K bbl/day of oil and 100K bbl/day of water injection capacity; total estimated recoverable resources for Stampede are estimated at 300M-350M boe.
    • Hess has a 25% working interest and is operator; Chevron (NYSE:CVX) subsidiary Union Oil of California, Statoil (NYSE:STO) and Cnooc's (NYSE:CEO) Nexen each have 25% stakes.
    | Comment!
  • Oct. 28, 2014, 3:59 PM
    • Total (TOT +2.9%) earlier today said it agreed to sell a minority stake in the Gina Krog field near Norway and three additional North Sea fields to PGNiG Upstream International for $317M.
    • The deal includes an 8% ownership stake in Gina Krog, now under development and scheduled for a 2017 production start; through a subsidiary, TOT will retain a 30% interest in the project expected to produce ~60K barrels of oil and 9M cm/day of natural gas per day, while Statoil (NYSE:STO) is the majority partner with a 58.7% interest.
    • Also included are interests in three minor fields in the Norwegian North Sea.
    | Comment!
  • Oct. 28, 2014, 7:44 AM
    • BP has been told by the Federal Trade Commission it is closing its investigation into anti-competitive practices in oil price reporting and assessment, the company says in its Q3 earnings report.
    • European Commission officials in May 2013 raided the offices of BP, Shell (RDS.A, RDS.B) and Statoil (NYSE:STO) as part of a probe into suspected manipulation of oil and biofuel prices; related inquiries then were received from U.S. and other regulators.
    • The other investigations appear to remain open, BP says.
    • BP +0.5% premarket.
    | Comment!
  • Oct. 21, 2014, 6:58 AM
    • Statoil (NYSE:STO) says it has found up to 80M barrels of recoverable oil in a prospect first drilled more than two decades ago and abandoned because the initial discovery was too small.
    • The find is located near the company's operating Grane field in the North Sea, and is well above the 6M barrels estimated when the prospect was explored by Norsk Hydro in 1992.
    • Statoil owns 57% of the production license for the new discovery. State holding firm Petoro has 30% and ExxonMobil (NYSE:XOM) has 13%.
    • STO +2.2% premarket
    | 3 Comments
  • Oct. 16, 2014, 9:13 AM
    | 3 Comments
  • Oct. 15, 2014, 4:54 PM
    • Sliding global oil prices puts projects under heavy pressure, executives at Chevron (NYSE:CVX) and Statoil (NYSE:STO) tell an oil industry conference today in Venezuela.
    • The current scenario places projects in Venezuela "under big pressure," says CVX Latin America Managing Director Kelly Hartshorn; CVX and state oil company PDVSA operate the Petroboscan heavy crude joint venture in the western part of the country.
    • Statoil Venezuela official Luisa Cipollitti says at the conference that mega-projects globally are under threat, and estimates that more than half the world's biggest 163 oil projects require a $120 Brent price for crude.
    | 4 Comments
  • Oct. 15, 2014, 4:37 AM
    • Statoil(NYSE:STO) Chief Executive Helge Lund has left the Norwegian energy company after ten years in the post to take the top position at U.K. peer BG Group (OTCPK:BRGXF), which has been without a CEO since March.
    • BG Chairman Andrew Gould hailed Lund's track record. "He has built a world-class exploration and production portfolio at Statoil," Gould  said. During his tenure, Statoil's market capitalization increased to over over 500B Norwegian kroner ($85B) from 189B kroner.
    • Lund will start his new position in March.
    • Statoil has appointed company veteran Eldar Sætre as acting CEO with immediate effect.
    • Statoil's shares are -2.6% in Oslo, while BG Group is +1.2% in London.
    • Statoil PR, BG Group PR
    | Comment!
  • Oct. 14, 2014, 7:42 AM
    • Statoil (NYSE:STO) says it has discovered 1.2T cf of natural gas, or 216M boe, in the Giligiliani-1 well of the Block 2 area offshore Tanzania.
    • STO is the operator of the license, on behalf of the Tanzania Petroleum Development Corp., with a 65% working interest, while partner Exxon Mobil (NYSE:XOM) holds 35%.
    • It is the joint venture's seventh discovery in the Block 2 area.
    | Comment!
  • Oct. 13, 2014, 3:50 AM
    • Norway's Statoil (NYSE:STO) has sold its remaining 15.5% holding in the Shah Deniz gas project in Azerbaijan and other assets to Malaysia's Petronas (OTC:PNADF) for $2.25B.
    • The transaction also includes stakes in a South Caucasus pipeline company and two other firms.
    • The deal is the latest in a series of sales by Statoil and other major oil companies, and since 2010, the Norwegian firm has offloaded $20B worth of assets.
    • "(The) Shah Deniz divestment is yet another sign of credible strategy, (and is) positive," says Swedbank analyst Teodor Sveen Nilsen.
    • The Shah Deniz field is operated by BP (NYSE:BP), with other partners including Lukoil. (PR)
    | 1 Comment
  • Oct. 10, 2014, 9:53 AM
    • Statoil (STO -1.3%) is preparing to drill a final exploration well in the Barents Sea this year after disappointing results in its efforts to unlock Arctic resources.
    • STO will move the Transocean Spitsbergen rig to the Saturn prospect after its Isfjell well resulted in a relatively small gas discovery; Isfjell is estimated to hold 1B-2B cubic meters of natural gas.
    • Most Barents Sea gas finds are considered uncommercial as the area lacks infrastructure to bring the fuel to market.
    | Comment!
  • Oct. 9, 2014, 3:25 PM
    • Crushed by relentless anxiety about oversupply and weakening global demand, Nymex crude oil futures closed down $1.54 at $85.76/bbl, their lowest close since Dec. 2012, while Brent crude fell below $90/bbl for the first time in more than two years.
    • Including today's losses, WTI crude is down 6.2% since the start of the month and Brent has surrendered ~5%.
    • In the face of surging output, a move in WTI below its 10-year average at $82 is not out of the realm of possibility, Brown Brothers Harriman says, adding that "a break of $73/barrel could send WTI toward $64, which corresponds with the 2010 low."
    • Among big oil names so far today: APC -6.3%, LINE -4.6%, EPD -3.8%, DVN -3.8%, MRO -3.6%, HES -3.8%, KMI -3.7%, TOT -3.5%, STO -3.3%, RDS.A -3.1%, OXY -3%, KMP -3%, XOM -2.6%, COP -2.6%, MUR -2.6%, CVX -2.5%, BP -2.4%.
    • ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, DTO, DBO, DUG, IYE, XES, IEO, CRUD, IEZ, PXE, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
    | 38 Comments
  • Oct. 9, 2014, 9:56 AM
    • Global oil producers open broadly lower as oil prices continue to slide on concerns about high supplies and weak global economic growth (also): RDS.A -2.7%, STO -2.7%, TOT -2.5%, HES -2%, APC -1.7%, BP -1.6%, CVX -1.5%, COP -1%, XOM -0.8%.
    • Brent prices slump to $91/bbl, approaching two-year intraday lows, and Nymex crude tumbles to $86.67/bbl to an 18-month intraday low.
    • The EIA said yesterday that U.S. crude supplies rose by a more than expected 5% last week, while gasoline and distillate inventories unexpectedly grew as well.
    • Barclays is cutting its oil price forecasts: It now sees U.S. crude averaging $85/bbl in Q4 and $89 in 2015, down from previous estimates of $98 in Q4 and $100 next year, and Brent crude averaging $93/bbl in Q4 and $96 in 2015, down from a respective $106 and $107 previously.
    • ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, DTO, DBO, DUG, IYE, IEO, CRUD, PXE, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
    | 15 Comments
  • Sep. 30, 2014, 3:07 PM
    • Royal Dutch Shell (RDS.A, RDS.B) and Statoil (NYSE:STO) say they won blocks in an Algerian oil and gas bidding round, the first since a deadly terrorist attack at a gas plant in Jan. 2013.
    • A consortium between Shell, Algeria's state-owned Sonatrach and Spain's Repsol (OTCQX:REPYY, OTCPK:REPYF) - the operator - won an oil and gas exploration license, while STO was awarded another block, also in partnership with Shell and Sonatrach.
    • Algeria has struggled to attract foreign investment to its oil sector in recent years amid security fears; a French hostage was killed in the country just last week.
    | Comment!
  • Sep. 29, 2014, 11:19 AM
    • West Virginia is ready to let companies drill for oil and natural gas deep beneath 14 miles of the Ohio River, as state officials opened bids Friday as it seeks a substantial revenue stream at a time of tight budgets.
    • Environmentalists re alarmed at the proposal, since it would allow drilling a mile beneath a river that provides drinking water to millions of people.
    • Magnum Hunter (NYSE:MHR), Noble Energy (NYSE:NBL), Gastar Exploration (NYSEMKT:GST) and Statoil (NYSE:STO) submitted bids with 20% royalty rates; state officials plan to pick winners in the next week or two.
    | 6 Comments
  • Sep. 26, 2014, 8:53 AM
    • Statoil (NYSE:STO) says it made a gas discovery in the PL713 Pingvin prospect in the Barents Sea, which it calls a "play opener" in an unexplored area.
    • STO estimates volume of 30M-120M recoverable boe; the discovery is currently assessed as non-commercial.
    | 2 Comments
  • Sep. 25, 2014, 5:38 PM
    • Statoil (NYSE:STO) says it is postponing work on its Corner field project in the Canadian oil sands by at least three years, citing rising costs.
    • STO says the decision does not affect its Leismer operations, with capacity of 20K bbl/day.
    • Alberta oil sands producers have struggled with rising costs because of labor shortages and difficulties in getting equipment.
    | 1 Comment
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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.