Statoil Skuld Brought Online - Analyst Blog
20 Marzo 2013 - 4:20PM
Zacks
Norwegian oil giant Statoil
ASA (STO) has commenced production from its Skuld field at
Norne in the Norwegian Sea within three years of its discovery,
making it the fastest of the company's 12 fast-track
developments.
The Norwegian Sea field comprises two discoveries – Fossekall and
Dompap – that are being developed as a subsea tieback to the Norne
floating production, storage and offloading (FPSO) vessel. The
other fields that are already tied to the Norne FPSO are Norne,
Urd, Alve and Marulk fields.
The total cost of the project is estimated at NOK 10 billion ($1.7
billion). Other partners of Statoil on the field include Petoro AS
and Italy-based Eni SpA (E).
Skuld – considered the largest of the development fields in the
fast-track portfolio – has estimated recoverable reserves of 90
million barrels of oil equivalent, of which 90% is oil and the
remaining is gas.
Over the next two years, the average increase in daily yield will
be 50% of what is currently produced to Norne. The field will
account for 45% of the additional production from such projects
targeted to commence in 2013.
Norne’s lifetime is likely to be enhanced through Skuld. Now, Norne
is likely to produce until at least 2030 instead of its earlier
estimated lifetime till 2021. The Norne area also offers prospects
for further activities, including improved recovery from existing
fields.
Statoil targets to bring five fast-track projects online in 2013,
with Hyme, Visund South and Vigdis North East fields already
commissioned earlier. The fast-track projects aid in reducing the
time of bringing a field into development phase by almost half of
the generally accepted time of five years.
Statoil holds a Zacks Rank #2, which is equivalent to a short-term
Buy rating. However, there are other stocks in the energy sector,
namely, Range Resources Corporation (RRC) and
EPL Oil & Gas, Inc. (EPL) , which carry a
Zacks Rank #1 (Strong Buy) and are expected to perform impressively
over the next few months.
ENI SPA-ADR (E): Free Stock Analysis Report
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis Report
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