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Statoil ASA (STO.N)

STO.N on New York Stock Exchange

22 Mar 2017
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$-0.09 (-0.52%)
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Latest Key Developments (Source: Significant Developments)

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

Statoil Q4 operating result misses forecast
Tuesday, 7 Feb 2017 12:53am EST 

Statoil Asa : Statoil q4 adjusted operating profit $1,664 million (Reuters poll $2,272 million) . Statoil q4 operating loss $1,897 million (Reuters poll profit $2,136 million) . Statoil q4 dividend proposal $usd 0.2201 per share versus previous guidance $0.2201 per share . Statoil asa says continue scrip programme giving shareholders option to receive dividend for q4 in cash or newly issued shares in statoil at a 5% discount . Ifrs net income was negative usd 2,785 billion . Statoil asa says to prioritise ability to be cash flow positive at usd 50/boe in 2017 . Result was impacted by usd 2.3 billion in net impairment charges mainly due to reduced long term price assumptions . Adjusted earnings after tax were negative usd 40 million in q4, down from positive usd 185 million in same period last year . Statoil asa says has improved average break even for its next generation portfolio with planned start-up before 2022 to usd 27/boe with an average internal rate of return (irr) of 25%, assuming usd 70/boe . Statoil asa says recoverable resources from this portfolio are 3.2 billion boe, and will deliver high value barrels and cash flow growth . Statoil q4 total oil/gas equity output 2,095 million boed (Reuters poll 2.074 million) . Statoil asa says for 2017 statoil targets additional improvements of usd 1 billion on top of already achieved usd 3.2 billion . Statoil q4 total oil/gas equity output 2.095 million boed (Reuters poll 2.074 million).  Full Article

Statoil says Europe will likely import more gas next few years
Monday, 6 Feb 2017 10:49pm EST 

Statoil Asa CEO Eldar Saetre told a news conference in London on Tuesday: Sees European gas demand flat over next few years, but Europe will need to import more gas due to decline in domestic production, including the Groeningen field, supporting prices . says Johan Castberg field development break-even level now at below $35 per barrel . says comfortable with debt ratio in mid-30s Further company coverage: [STL.OL] (Reporting by Nerijus Adomaitis, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

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