Another Well Appraisal for Statoil - Analyst Blog
09 Novembro 2012 - 12:15PM
Zacks
Norwegian oil and gas company
Statoil ASA (STO) has successfully completed the
appraisal of a well in production license 265 (PL265) in the Johan
Sverdrup oilfield in the North Sea.
The main objective behind the appraisal of probe 16/2-14 was to
determine the thickness and quality of Jurassic age sandstone
reservoir near the top of the Johan Sverdrup’s structure. Proven in
2010, the Johan Sverdrup discovery is expected to hold recoverable
reserves of about 1.8 billion barrels of oil equivalent, as per the
Norwegian Petroleum Directorate estimates.
This represents the ninth exploration well in PL265, which came
across a 30-meter oil column in Upper Jurassic reservoir rocks and
the reservoir quality was also proven to be extremely good and oil
saturated. The well was drilled to a vertical depth of 1,960 meters
below the sea surface to reach a water depth of 113 meters
The foremost challenge for the reservoir was its mapping owing to
the considerable variations in the reservoir properties and
thickness.
Statoil, as the operator of license PL 265, holds a 40% stake,
while its partners – Petoro AS, Det norske oljeselskap ASA and
Lundin Norway AS – own 30%, 20% and 10% stakes, respectively.
This new appraisal emphasizes Statoil’s belief in the exploration
potential of the mature region of Norwegian Continental Shelf
(NCS).
We have a favorable outlook on Statoil’s long-term production
growth, given the company’s growing upstream presence in the
emerging basins of the Barents Sea, West Africa and the deepwater
U.S. Gulf of Mexico (GoM). We also believe that the growing share
of natural gas in Statoil’s NCS volume mix and its extensive
interests in infrastructure assets facilitates a leadership
position in the European natural gas market.
Statoil, which recently contracted Schlumberger
Limited (SLB) for electric wireline logging services on
the NCS, carries a Zacks #3 Rank, which translates to a Hold rating
for a period of one to three months. Longer term, we maintain a
Neutral recommendation on the stock.
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024