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Statoil ASA (STO.N)

STO.N on New York Stock Exchange

17.85USD
7 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Statoil sees investment decision for Trestakk field soon
Tuesday, 18 Oct 2016 05:01am EDT 

Statoil Asa : A final investment decision for the Trestakk oil and gas field in the Norwegian Sea is coming soon, Statoil's head of technology, Margareth Oevrum, told an energy conference in Oslo on Tuesday . Statoil and its partners earlier this year picked a subsea concept that would reduce the investment cost by 30 percent compared to their initial estimate [nO9N13M02C] . Partners in the field are Exxon Mobil and ENI Further company coverage: [STL.OL] (Reporting By Joachim Dagenborg, writing by Stine Jacobsen, editing by Terje Solsvik) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Faroe Petroleum finds oil at Norwegian Sea flank
Monday, 17 Oct 2016 12:00pm EDT 

Faroe Petroleum Plc : Njord North Flank oil and gas discovery . Announce an oil and gas discovery at Njord North Flank in Norwegian Sea (Faroe 7.5 pct) . Well encountered 102 metres of gross oil- bearing reservoir in middle and lower jurassic sandstones of Ile . Also saw 157 metres of a gross gas condensate-bearing column in lower jurassic sandstones in Tilje formation . Preliminary estimate of size of NF-2 discovery is between 1.3 and 18.9 mmboe for NF-2 and between 0.6 and 9.4 mmboe for side-track NF-3 . Collectively these discoveries are equivalent to a range of 1.9mmboe to 28.3mmboe (0.14mmboe to 2.1mmboe net to faroe) .Results are in line with pre-drill estimates.  Full Article

Songa Offshore Sept rig earnings down as strike bites
Tuesday, 11 Oct 2016 02:08am EDT 

Songa Offshore Se : Songa equinox achieved an operational efficiency of 80% and an earnings efficiency of 75% for month. Earnings efficiency excluding the effects of the ongoing strike was 79%. The earnings efficiency was negatively impacted by preparation activities for winter season operations and planned maintenance . Songa endurance achieved an operational efficiency of 96% and an earnings efficiency of 86% for month. Earnings efficiency excluding the effects of the ongoing strike was 95% . Songa encourage achieved an operational efficiency of 100% and an earnings efficiency of 99% for month . Songa enabler achieved an operational efficiency of 100% and an earnings efficiency of 96% for month. Earnings efficiency excluding the effects of the ongoing strike was 99% . Songa delta achieved an operational efficiency of 100% and an earnings efficiency of 96% for month . Songa dee achieved an operational efficiency of 100% and an earnings efficiency of 94% for operational part of month, working for statoil in norway. Rig ended its contract on 9 september and is currently stacked, while marketed for new employment .Songa Trym is currently stacked, while marketed for new employment.  Full Article

Statoil completes sale of non-core U.S. onshore assets
Friday, 16 Sep 2016 03:06am EDT 

Statoil Asa : Statoil and Antero Resources Corporation have completed their previously announced transaction, whereby Statoil has sold some of its non-operated interests in the U.S. state of West Virginia to Antero. . The transaction covers approximately 11,500 net acres with an average working interest of approximately 19% across Wetzel, Tyler and Doddridge Counties. . In the Marcellus Statoil retains its operated properties in the US state of Ohio and its c. 350,000 net acre non-operated position. Further company coverage: [STL.OL] (Reporting By Camilla Knudsen) ((camilla.knudsen@thomsonreuters.com;)).  Full Article

Statoil to submit Johan Castberg development plan in 2017
Tuesday, 13 Sep 2016 04:18am EDT 

Statoil says: Statoil says a final development plan for Johan Castberg to be submitted in 2017, according to schedule . Investments estimated to be between NOK 50 billion and NOK 60 billion . Statoil says first phase of Johan Sverdrup development will be completed in the period of 2018-2022 . Statoil says continued low oil prices may affect these plans .Statoil says plans to use gas turbines, not power cable from land to power Johan Castberg.  Full Article

Statoil awards NOK 230 mln/year contract for offshore provisions
Monday, 12 Sep 2016 07:05am EDT 

Statoil Asa : Says awarding contract for offshore supply of provisions . Has awarded Kraemer Maritime as a contract for supply of provisions to company's installations on Norwegian continental shelf . Estimated contract value is around nok 230 million per year . Contract period is four years with an option for three two-year extensions . Supplies include food, cleaning products, kiosk merchandise, disposables and other related products and services .Headquartered in Tromsø, Kraemer Maritime AS is owned by the Kraemer family (66%) and Asko Norge AS (34%). The company’s core business is maritime trade, which is offered on several locations in Norway: Kirkenes, Hammerfest, Tromsoe, Oslo, Bergen, Stavanger, Kristiansund and Aalesund.  Full Article

Statoil sets Q1 scrip dividend subscription price
Monday, 12 Sep 2016 01:54am EDT 

Statoil Asa : subscription price set for the dividend issue for the first quarter 2016 under the scrip dividend programme . The subscription price shall, in accordance with the resolution made by the board of directors on 26 July 2016,be equal to the volume-weighted average share price over the last two trading days (8 and 9 September 2016), with a deduction of a discount of 5% . The volume-weighted average share price for the respective trading days was NOK 133.23. The subscription price per share is consequently NOK 126.57 .For holders of American Depositary Receipts, the applicable USDNOK exchange rate has been defined as the average of the Central Bank of Norway's exchange rate over the last two trading days of the Subscription Period for the Dividend Issue. The average exchange rate for these respective days was 8.1732. The subscription price per share for ADR-holders is consequently USD 15.49.  Full Article

Statoil increases in UK offshore wind
Friday, 9 Sep 2016 02:23am EDT 

Statoil: Says statoil and Statkraft have signed a letter of intent that Statoil takes over as operator of Sheringham Shoal Offshore Wind Farm from January 2017 . Says Statoil is also increasing its share in Dogger Bank projects, with desire of bringing Statoil's total ownership from 25 per cent up to a potential of 50 per cent through an acquisition of Statkraft's share in Dogger Bank . The effective date for the transfer of operatorship is 1 January 2017. .Closing is subject to customary conditions, including partners’ and government approval.  Full Article

Norway labour minister: no need to change offshore safety regulation after Eni incident
Tuesday, 6 Sep 2016 06:50am EDT 

Norway Labour Minister Anniken Hauglie told reporters after meeting with the head of the Norwegian oil safety regulator on Tuesday regarding the ongoing outage at Eni's Goliat platform, the only installation producing oil in the Norwegian Arctic: Expects Eni to resume production at Goliat field only after it can ensure operational safety . Says oil safety regulator chief told her current offshore safety regulation is sufficient . The minister told Reuters that there is no need to change offshore safety regulation in Norway at the moment . Output from the field has been shut since Aug. 26 when the Goliat rig was hit by a power failure [nL8N1B802Z] . Eni told Reuters on Monday that Goliat would remain shut until at least Sept. 9 [nO9N19F01T] Further company coverage: [ENI.MI] (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche) ((gwladys.fouche@thomsonreuters.com;)).  Full Article

Statoil buys stakes in Norway licenses from Tullow
Tuesday, 6 Sep 2016 02:36am EDT 

Statoil Asa : Says increases share in the Wisting discovery . Statoil and Tullow Norge as have agreed on a transaction whereby Statoil will increase its equity in four licences on Norwegian Continental Shelf . Transaction includes Wisting discovery in Barents Sea . Reflects our strong belief in exploration potential on Norwegian continental shelf and our commitment to create value in barents sea . Statoil has a strong position in hoop area and sees further exploration potential which can bring synergies to area . Through this transaction Statoil becomes biggest equity holder in wisting discovery, so far only big discovery in hoop area of barents sea . Npd estimates wisting discovery to contain 241 million boe of recoverable resources . New, substantial discoveries are required to maintain production on ncs, and resource additions from northern norway are central in reaching this target . Agreement also gives access to interesting exploration prospects in norwegian sea and barents sea that will be matured for possible drilling in 2018 .Transaction is contingent upon approval of authorities.  Full Article

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Statoil drops Airbus Super Puma helicopters for good

OSLO Norwegian state-controlled oil company Statoil will not resume using Airbus's H225 Super Puma helicopters even if Norway's Civil Aviation Authority decides to lift a ban imposed after a fatal crash off Norway in April, the company said on Tuesday.