Oil and gas company
) has claimed for 15 leases in the central region of the U.S.
Gulf of Mexico (GoM) in an auction under the U.S. Bureau of Ocean
Energy Management (BOEM). The addition will further strengthen
its already significant foothold in the region. However, the
lease awards remain subject to proper approval by BOEM.
With this addition, the Norwegian giant will get hold of over 340
leases in the GoM region in total. This emphasizes its commitment
in boosting its spending level in North America, which Statoil
foresees as a core long-term growth driver.
The company's main aim was Walker Ridge Block 271, a high-impact
single prospect also known as Monument, for which it has given
the highest bid of $81.7 million along with co-venture Samson
Offshore. Statoil now expects potential resources of more than
250 million barrels of oil equivalent (MMBOE) from this type of
The presence of Statoil - the world's largest offshore operator -
in North America dates back to more than 25 years. The company
also holds the pioneering position in subsea technology and
remains involved in numerous discoveries in the GoM, including
Julia, Stampede, Vito and Statoil-operated Logan. The company has
been able to create a robust portfolio with offshore and onshore
possessions in Canada and the U.S.
Statoil intends to spud two to three wells within a year in the
Gulf prospects it operates and also aims to take part in one or
two wells that are to be drilled by its associate partner. The
company currently remains a partner in three U.S. Gulf producing
fields and seven fields that are under the development phase.
The company aims to achieve an equity production of above 2.5
MMBOE per day in 2020. Notably, the U.S. GoM plays a key role in
Statoil's agenda to boost its North American oil and gas
production to 500,000 BOE per day by that specified time period.
It has progressed on various projects and expects to make
significant additions to its resource base in the coming years.
Statoil currently holds a Zacks Rank #2 (short-term Buy rating).
In the energy sector, companies like
Range Resources Corporation
) also appear promising. Total and YPF hold a Zacks Rank #2
(Buy), while Range Resources retains a Zacks Rank #1 (Strong
RANGE RESOURCES (RRC): Free Stock Analysis
STATOIL ASA-ADR (STO): Free Stock Analysis
TOTAL FINA SA (TOT): Free Stock Analysis
YPF SA D CV ADR (YPF): Free Stock Analysis
To read this article on Zacks.com click here.