Statoil Stjerne Comes On-stream - Analyst Blog
28 Marzo 2013 - 6:25PM
Zacks
Statoil ASA (STO)
has started production on the Stjerne field in the North Sea. This
marks the company’s fifth fast-track project that came online
following the recent commencement of the Skuld field at Norne.
Discovered in 2009, the Stjerne field consists of a four-slot
seabed template. While two wells will generate oil and gas, the
other two will bring in water into the reservoir for pressure
support. Statoil has already finished drilling one of these
wells.
Statoil added that the field’s economy looks relatively promising
and was NOK 500 million ($85.7 million approximately) below the
company’s estimated budget. The Stjerne project took 39 months for
completion after it was made part of Statoil’s fast-track
portfolio. But the company plans to reduce its implementation time
for the new fast-track ventures to 30 months.
The recoverable reserves of the field − located 13 kilometers
southwest of the Oseberg South platform in the North Sea − are
expected to be 49.2 million barrels of oil equivalent (MMBoe), with
oil accounting for 20.7 MMBoe of that total. Moreover, the project
is expected to boost the recovery level to 4.4 MMBoe from the
Oseberg Omega North reservoir. As per the PDO, total production is
expected at 7,800 BOE per day.
Statoil aims to bring five fast-track projects online in 2013, with
Skuld, 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 the development phase by almost half
of the generally accepted time of five years.
Statoil holds a Zacks Rank #3, which is equivalent to a short-term
Hold rating. However, there are other stocks in the energy sector,
namely, Range Resources Corporation (RRC),
EPL Oil & Gas, Inc. (EPL), YPF
S.A (YPF) that are expected to perform impressively over
the next few months. Range Resources and EPL carry a Zacks Rank #1
(Strong Buy), while YPF carries a Zacks Rank #2 (Buy).
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis Report
YPF SA D CV ADR (YPF): Free Stock Analysis Report
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