Exxon Chooses Technip for Balder - Analyst Blog
17 Dicembre 2012 - 7:11PM
Zacks
U.S. supermajor ExxonMobil Corporation (XOM)
has selected France’s Technip for its Balder Phase III development
in the Norwegian North Sea.
Per the contract, Technip will be accountable for the installation,
tie-in and pressure testing of flexible jumper bundles. Technip is
also entitled to set up subsea distribution units and flying leads.
The work will be undertaken in three offshore campaigns during 2013
and 2014 by Technip, which will also use one of its own
vessels.
The contract is expected to be performed in Tehnip’s operating
centre in Stavanger, Norway. Located around 190 kilometers off the
coast of Stavanger, primarily in Block 25/11, the Balder field
development lies in water depth of around 125 meters.
ExxonMobil, the operator and the sole license holder in the Balder
field development has projected 170 million barrels recoverable oil
reserves in the field. Currently, the field generates around
135,000 barrels a day.
ExxonMobil is the world’s best-run integrated oil company given its
track record of superior return on capital employed. As the largest
publicly traded oil company, ExxonMobil has long been a core
holding for investors seeking a defensive name with continued
dividend growth. Exxon’s strength is in its balanced operations,
strong financial flexibility and continuous improvement in
efficiency and cost control.
The company boasts diversified operations across the world with
several new projects expected to come online through 2013. While
Exxon functions in all corners of the globe, its near-term focus
will be on the U.S., Canada, Kazakhstan, West Africa, Australia,
Russia, Angola and Iraq for new volumes.
ExxonMobil, which recently proposed to offload its shale gas
exploration licenses in Poland along with Talisman Energy
Inc. (TLM), holds a Zacks #3 Rank, equivalent to a Hold
rating for a period of one to three months. Longer term, we
maintain our Neutral recommendation.
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