Spicer

StatoilHydro: Bullish on Exploration

"It has proven reserves of more than six billion barrels of oil."

Less than half of it's proven reserves(6 billion BOE) are oil(60% gas/40% oil +NGL). Last years reserve replacement ration was 86%. Not exactly a strong buy signal. STOs future projects include arctic subsea gas and Canadian oil sands, which are going to triple it's production cost per BOE.