Statoil and Partners Order 2 Rigs - Analyst Blog
Norwegian major Statoil
ASA (STO) has given out contracts for the construction and
operation of two tailor-made jack up rigs. These rigs will be
utilized for drilling at Gullfaks and Oseberg oil fields offshore
Norway and will be owned by the license holders.
Samsung Heavy Industries Co. Ltd. will be responsible for the
construction of the rigs. The new category J rigs will be equipped
to function in water depths of 70–140 meters in harsh environments
and drill wells up to a depth of about 10,000 meters. These rigs,
which are based on proven technology, will be optimized for
drilling and completing subsea wells more efficiently.
On the other hand, KCA Deutag Drilling Norway AS will carry out
drilling services and maintenance as the rigs’ operator. The
operating and staffing framework is similar to that of leased rigs
in conventional drilling contracts.
The initial operations contract is valued at $900 million for a
period of eight years, which can later be extended by 4*3 years.
The operations are expected to commence in 2016–2017.
The inclusion of new Cat J rigs is part of Statoil’s long-term
strategy of revitalizing its rig fleet, securing long-term rig
capacity as well as lowering drilling costs to boost NCS recovery
rates. Statoil has set an aggressive goal of an average 60%
recovery from the NCS assets that can be attained by enhancing the
number of wells drilled.
Both the fields – Gullfaks and Oseberg – are assumed to have a
long-term rig demand. Hence, these new rigs are expected to operate
at these fields for a long period and simultaneously reduce
drilling costs. This is primarily due to the ownership model, which
will strengthen the drilling targets and even add targets that
would not have been profitable otherwise.
Gullfaks was brought online in 1986 and currently produces about
39,000 barrels of oil per day. The license partners of Gullfaks are
Statoil and Petoro AS with a stake of 70% and 30%,
respectively.
Oseberg has been producing since 1988 with a current yield of about
59,000 barrels of oil per day and natural gas plus gas liquids of
8.1 million standard cubic meters per day. The partners in the
field are Statoil, Petoro, Total SA (TOT) and
ConocoPhillips (COP), which have a share of 49.3%,
33.6%, 14.7% and 2.4%, respectively.
Statoil carries a Zacks Rank #3 (Hold). However, Zacks Ranked #1
(Strong Buy) Enerplus Corporation (ERF) appears
more attractive as it is expected to outperform over the next few
months.
CONOCOPHILLIPS (COP): Free Stock Analysis Report
ENERPLUS CORP (ERF): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis Report
TOTAL FINA SA (TOT): Free Stock Analysis Report
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