) along with its partners has brought online the Gudrun oil and
gas field in the North Sea.
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Gudrun is the first Statoil-operated platform to come on stream
on the Norwegian Continental Shelf since 2005. new field is
likely to contribute considerably to production from the
Norwegian shelf. The field is expected to hold recoverable
reserves of 184 million barrels of oil and gas (oil equivalent).
Discovered in 1975, Gudrun is a high temperature-high pressure
field. The field's development was long delayed for want of new
The company has reached a milestone with Gudrun. The field has
clearly set an example on maximizing value creation and realizing
new projects on the Norwegian shelf by merging new field
developments with existing pipelines and facilities.
The Gudrun field development has consumed about 16.5 million man
hours and a large number of suppliers from various countries. The
plan for development and operation (PDO) was submitted in 2010.
Gudrun was, in fact, Statoil's only mega-project (investments
over NOK 12 billion). Currently, the company has a long line of
field developments operated by Statoil.
Oil and gas from Gudrun is transferred to Sleipner for
processing. Thereafter, the oil is moved to Karsto and gas is
transferred to Europe, all via the existing pipelines tied in to
Sleipner. This allows the company to gain from earlier
investments made on the Norwegian shelf. As part of the Gudrun
project, alterations have also been performed on Sleipner and at
The field is owned by Statoil with 51% interest. The other
partners GDF Suez and OMV hold 25% and 24%, respectively.
Statoil carries a Zacks Rank #4 (Sell). However, not all stocks
in the oil and gas industry look as bad as Statoil. Better-ranked
Valero Energy Corporation
Helmerich & Payne, Inc.
), all with a Zacks Rank #1 (Strong Buy).