Statoil Strikes Gas at Wildcat Well 30/11-13 in North Sea
Norwegian energy giant Statoil ASA STO announced that it has completed the drilling of wildcat well 30/11-13. The well’s proven gas/condensate and is located in the North Sea. The well encountered gas columns at two levels in the top part of the Tarbert formation, at a total of 16 feet and 101 feet, respectively, of which 13 and 72 feet had good-to-moderate reservoir properties.
The preliminary estimation of the size of the discovery is 35–105 million standard cubic feet of recoverable oil equivalents. Well 30/11-13 was drilled to a vertical depth of 10,869 feet below the sea surface and was terminated in the Ness formation. It is the fourth exploration well in production license 272.
Well 30/11-13 was drilled by the Songa Delta drilling facility, which will continue the drilling campaign by drilling wildcat well 30/11-14 in the same production license operated by Statoil.
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Statoil is a Norway-based major international integrated oil and gas company. Though the company has operations in all major hydrocarbon-producing regions of the world, it has an upstream focus on the NCS. Due to its strong offshore exposure, Statoil is a leader in subsea production.
In recent times, Statoil delivered strong exploration results and added significantly to its resource base by making several high impact discoveries. The latest finds give the company access to new regions of Norway, Russia, Azerbaijan, Tanzania and Australia, thereby paving the way for long-term growth.
The company is in a very strong financial position with current net debt-to-capital employed ratio of 21.8%. The company also actively returns cash to investors through regular dividend payouts and share buybacks.
Zacks Rank & Key Picks
Currently, Statoil carries a Zacks Rank #3 (Hold). Some better-ranked players from the broader energy sector are Braskem S.A. BAK, McDermott International Inc. MDR and North Atlantic Drilling Limited NADL. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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