Norwegian energy giant
) announced that it has started operating the Hyme oil field. The
field is located in the southern portion of the Norwegian Sea and
is one of the company's latest generation fast-track
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The project came online on Feb 25, 2013, a month ahead of
schedule. The development is the second of the 12 fast-track
projects planned by Statoil.
Statoil has spent more than $790 million for the development of
the oil field. Management expects the field's capacity to be
roughly 30 million barrels of recoverable reserves, the majority
of which is crude oil with some natural gas. Management revealed
that the field is expected to produce oil and natural gas beyond
The Hyme oil field was discovered in 2009, 19 kilometres north
east of the Njord A platform. The project is now using part
of the Njord A infrastructure.
Management stated that the Hyme oil field development has taken
more than two years to come online, from the date Statoil decided
to use Njord A's platform. The experience gained from this
project will help the company to speed up its other fast-track
endeavors so that they can start producing within 30 months of a
Statoil as operator holds a 35% stake in the Hyme oil field,
whereas Core Energy, VNG, Faroe Petroleum, E.ON E&P and GDF
Suez hold a respective 17.5%, 2.5%, 7.5%, 17.5% and 20%
Statoil is a major international integrated oil and gas company.
The company operates in four segments: Exploration and Production
Norway, Natural Gas, International Exploration and Production and
Manufacturing and Marketing.
Statoil is one of the leading suppliers 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 currently carries a Zacks Rank #3 (Hold), implying that
it is expected to perform in line with the broader U.S. equity
market over the next one to three months.
In the energy sector,
Range Resources Corporation
Breitburn Energy Partners LP
) display better fundamentals and currently carry a Zacks Rank #2