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Statoil ASA (STO.N)

STO.N on New York Stock Exchange

24 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Statoil completes Dogger bank transaction, ups stake to 37.5 pct
Thursday, 23 Mar 2017 11:59am EDT 

Statoil Asa : Statoil completes Dogger bank transaction . Statoil and Statkraft has completed their previously announced transaction, whereby Statoil increases its share in the Dogger Bank Offshore Wind development of an additional 12.5 pct stake, taking Statoil’s share to 37.5 pct . The Dogger Bank offshore wind development comprises four projects developed by the Forewind consortium which were granted planning permission during 2015 . The projects are located in the North Sea off the east coast of England and the wind farms have a potential generating capacity of up to 4,800MW .SSE have acquired the other 12.5 pct of Statkraft’s share meaning they now also have 37.5 pct ownership with Innogy continuing to own the other 25 pct.  Full Article

Statoil was highest bidder for 13 U.S. GoM exploration leases
Thursday, 23 Mar 2017 01:52am EDT 

Statoil Asa : Resets its exploration in the U.S. Gulf of Mexico and was today deemed high bidder on 13 leases in the 2017 Central Lease Sale . Company was high bidder on all but two of leases targeted, securing a stake in all of its main priorities. . Leases awarded reinforce statoil's exploration strategy of securing prospective acreage, while taking advantage of cycle to access these leases at favourable rates in us gulf of mexico . Participation in lease sale marks a reset of statoil's exploration in us gulf of mexico . We continue to believe in potential of gulf of mexico. Our participation in lease sale is part of a targeted, step-wise approach to test our play concepts in area . Statoil's high bids are subject to review and final approval by authorities .Production from Statoil’s US offshore portfolio averaged about 60,000 barrels per day in 2016 and is expected to nearly double by 2020, making Statoil a top-5 producer from deepwater Gulf of Mexico.  Full Article

Statoil's phase 2 of Sverdrup oilfield to cost up to NOK 55 bln
Tuesday, 21 Mar 2017 03:13am EDT 

Statoil Asa : Proceeding with phase 2 of the johan sverdrup development . Johan sverdrup partnership has now decided to proceed with (dg2) phase 2 of johan sverdrup development, awarding feed contracts to aker solutions, kværner and siemens . Phase 2 is scheduled to come on stream in 2022. . Capital expenditures for phase 2 are now estimated at between NOK 40 billion-NOK 55 billion (nok billion nominal, fixed currency and excluding ior) ($4.73 billion-$6.51 billion) halving estimate since pdo was submitted for phase 1 of johan sverdrup . Break-Even price for full-field development is now less than usd 25 per barrel and with an ambition of a world class recovery rate of 70 pct . Johan sverdrup suppliers have demonstrated a willingness and capabilities to develop good solutions in a partnership with us . Will now proceed with maturing phase 2 for investment decision and submission of plan for development and operation (pdo) in second half of 2018 . The partnership has also decided on the development concept for Johan Sverdrup. Phase 1 of the development establishes a field centre consisting of four platforms on the field . Phase 2 builds on this infrastructure, adding another processing platform to field centre. Overall this will result in a processing capacity of 660 000 barrels of oil per day . FEED contract awards: Processing platform: aker solutions, jacket: kvaerner, power supply from shore: siemens.  Full Article

Eni drills dry well in Barents Sea
Thursday, 16 Mar 2017 03:40am EDT 

Eni Spa : Norway Petroleum Directorate: dry well about 80 kilometres northwest of the Johan Castberg discovery in the Barents Sea – 7318/12-2 . NPD: license 716 is operated by Eni , which holds a 30 pct stake . Other license participants are Bayerngas, Faroe Petroleum and Petoro with 20 pct each and Point Resources with 10 pct . The primary exploration target for the well was to prove petroleum in Middle and Lower Jurassic reservoir rocks (Stø and Nordmela formations) . The secondary exploration target for the well was to prove petroleum in Upper Triassic reservoir rocks (Fruholmen and Snadd formations). Drilling to secondary exploration targets was contingent upon discoveries in the primary exploration target . Well 7318/12-2 encountered about 60 metres of dense sandstone rocks in the Stø and Nordmela formations . This is the first exploration well in production licence 716. The licence was awarded in 2013 in the 22nd licensing round . The well will be permanently plugged and abandoned .The nearby Castberg is operated by Statoil Full Article

Songa Offshore: Songa Enabler back on operating rate on March 4
Monday, 6 Mar 2017 02:00am EST 

Songa Offshore SE said in an update on its drilling rig fleet utilization in February: Songa Equinox achieved an operating efficiency of 100 pct and an earnings efficiency of 100 pct for the month . Songa Endurance achieved an operating efficiency of 100 pct and an earnings efficiency of 99 pct for the month . Songa Encourage achieved an operating efficiency of 81 pct and an earnings efficiency of 81 pct for the month, after returning to operations on Feb. 6 . Equinox, Endurance and Encourage were employed by Statoil . Songa Enabler achieved an operating efficiency of 75 pct and an earnings efficiency of 75 pct for the month . The rig was suspended during February and back on operating rate on March 4. It was previously expected to commence operations on April 1. .Songa Delta, Songa Dee and Songa Trym are stacked and marketed for new employment.  Full Article

Novo Nordisk proposes Novo A/S CEO and former BG chief as board members
Friday, 24 Feb 2017 02:02am EST 

Novo Nordisk : Says the board of directors proposes election of Kasim Kutay and Helge Lund as new members of the board of directors at the annual general meeting . Kutay is CEO of Novo A/S, the holding company for the Novo group . "The Board of Directors recommends election of Mr Kutay primarily because of his extensive experience as financial advisor to the pharmaceutical, biotechnology and medical device industries" . Lund is former chief executive officer of BG and Statoil . "The Board of Directors recommends election of Mr Lund primarily because of his extensive executive and board experience in large multinational companies headquartered in Scandinavia within regulated markets and significant financial knowledge" .Proposes re-election of the following board members elected by the Annual General Meeting: Göran Ando (chairman), Jeppe Christiansen (vice chairman), Brian Daniels, Sylvie Grégoire, Liz Hewitt and Mary Szela.  Full Article

Lundin Petroleum says Statoil plans to sell IPC shares after spin-off
Thursday, 23 Feb 2017 02:26am EST 

Lundin Petroleum Ab : Lundin petroleum announces that International Petroleum Corporation (IPC) files preliminary prospectus in Alberta, Canada and plans share repurchase . Lundin petroleum ab says ipc has applied to toronto stock exchange ("tsx") to list its shares on such exchange under ticker ipco, and also intends to list its shares on nasdaq stockholm . Lundin petroleum ab says there will be approximately 113.5 million ipc shares outstanding following spin-off . Lundin petroleum ab says ipc believes that offer would facilitate an orderly exit for some initial shareholders of ipc . Lundin petroleum ab says statoil has advised company of its intention to tender its ipc shares to offer if offer is made . Nemesia Sàrl, an investment company related to the Lundin family, along with Landor Participations Inc., another investment company related to a member of the Lundin family, and members of IPC's proposed Board and management, do not intend to tender to the offer . Lundin petroleum ab says statoil and nemesia have entered into an agreement pursuant to which, following expiry of offer, nemesia will acquire any ipc shares held by statoil that have not been acquired by ipc's subsidiary in offer . Lundin petroleum ab says in order to finance offer, certain subsidiaries of company that will be subsidiaries of ipc following reorganisation, and ipc in capacity of guarantor, have received credit approved terms for a new usd 100 million.  Full Article

Statoil to disclose its forecasts on oil, gas prices -Norway financial watchdog
Thursday, 16 Feb 2017 03:48am EST 

The Financial Supervisory Authority of Norway said on Thursday: The regulator has reviewed certain matters regarding financial reporting of Statoil and has had comments to statoil's disclosures concerning impairment of assets. . Statoil will in its financial statement for 2016 disclose internal forecasts for Brent blend, Henry Hub and National Balancing Point UK. Price assumptions will be provided for years 2020, 2025 and 2030. . Statoil will also provide comparable information on price assumptions used as basis in financial statement for 2015. . Statoil will quantify impairment sensitivities on an aggregated level for changes to price assumptions in financial statement for 2016. . Statoil is of the opinion that information provided in its financial statement for 2015 regarding disclosures of recoverable amount on impaired cash generating units is in line with IFRS and industry practice . Still, Statoil will provide a further breakdown of recoverable amounts and impairments in its financial statements for 2016. Statoil will also provide comparable information for impaired assets in 2015. Further company coverage: [STL.OL] (Reporting by Gwladys Fouche) ((gwladys.fouche@thomsonreuters.com;)).  Full Article

Statoil signs $322 mln contracts for vessels
Monday, 13 Feb 2017 02:53am EST 

Statoil Asa : ensuring area-wide emergency preparedness through four vessel contracts . says contacts have a total value, included options, of NOK 2.7 billion ($322.40 million) . says contracts for three emergency response and rescue vessels (errv), and havila shipping asa for one errv . says contracts will run for seven years, with five one-year extension options Further company coverage: [STL.OL] ($1 = 8.3746 Norwegian crowns) (Reporting By Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Statoil aims to reach cost target of $50 a barrel by 2018 at U.S. onshore operations
Tuesday, 7 Feb 2017 07:47am EST 

Statoil's head of U.S. operations, Torgrim Reitan, told a company investor conference in London on Tuesday: Statoil says needs to improve U.S. onshore recovery rates, aims to reach cost target of $50 a barrel by 2018 . Break-even production cost for U.S. operations was $66 in 2016 Further company coverage: [STL.OL] (Reporting by Nerijus Adomaitis in London, editing by Gwladys Fouche in Oslo) ((gwladys.fouche@thomsonreuters.com;)).  Full Article

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Statoil wins licenses off UK, "resets" exploration off U.S

OSLO Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licenses offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs.