Statoil Receives Oseberg Compliance Order

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

Norwegian oil giant Statoil ASA (STO) has received a compliance order from the country’s safety agency. The order follows an investigation into a leak at the Oseberg field which revealed some serious regulatory violations.

In 2013, the incident at the Oseberg A platform led to a leakage of about 85 kilograms of gas. This resulted in a four-day shutdown of the North Sea field but no injury was reported.

An examination of the event disclosed that key work processes for the operation of the Oseberg field centre were defective. The operator commented that several activities have been performed during normal operations for several years without the work processes being risk-assessed, modernized or equipped.

However, this leak has made it compulsory for Statoil to perform an appraisal, risk evaluation and upgrade of work processes for wells and processing facilities at the field centre. The deadline for this compliance is set at Mar 31. This compliance follows the notification of the order by the PSA earlier in Jan 2014.

Statoil is a major international integrated oil and gas company operating in four segments, namely, Exploration and Production Norway, Natural Gas, International Exploration and Production and Manufacturing and Marketing. It is a leading supplier of natural gas in the European market and has a 21.1% stake in the world’s largest offshore pipeline network, Gassled, which transports natural gas from the North Sea to the European gas transmission system.

Statoil carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the oil and gas sector include Pembina Pipeline Corporation (PBA), Swift Energy Co. (SFY) and NGL Energy Partners LP (NGL). All these stocks sport a Zacks Rank #1 (Strong Buy).

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