Yahoo Finance Statoil (STO) Increases Interest in Byrding Project to 70%
Statoil ASA STO recently announced that it has concluded its earlier announced transaction with Wintershall Norge. Per the deal, the former has farmed into 25% interest in the Byrding project on the Norwegian Continental Shelf (“NCS”). Post transaction, Statoil’s operated interest in Byrding (PL090B) has increased to 70% from 45%.
Byrding, which is an oil and gas discovery in the northern part of the North Sea, lies near the Troll/Fram area. The field is crucial for Norway's oil and gas production and is anticipated to begin production in the third quarter of 2017.
Statoil’s positivity is reflected in its price chart, which has increased 57.6%, over the last one year. The Zacks categorized Oil & Gas-International Integrated industry has gained 33.1%, in the same time span.
Statoil’s endeavors to improve recovery of resources in mature fields are commendable. The company has operations in all major hydrocarbon-producing regions of the world, with an emphasis on the NCS. We believe that Statoil is well positioned to sustain its steady production growth over the next few years on the back of its large resource base at NCS.
In recent times, Statoil has delivered strong exploration results, adding significantly to its resource base through several high impact discoveries. The latest finds give the company access to new regions of Norway, Russia, Azerbaijan, Tanzania as well as Australia, thereby paving the way for long-term growth.
Statoil currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Braskem S.A. BAK, Suncor Energy, Inc. SU and Noble Midstream Partners L.P. NBLX. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It had an average earnings surprise of 40.55% in the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
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