Norwegian state company
) has passed its operatorship rights of the Vilje field in the
North Sea to block partner Marathon Oil Norge, the Norwegian unit
Marathon Oil Corporation
The change in operatorship, to be effective from September 1,
2012, subject to the Ministry of Petroleum and Energy's consent,
does not involve any alteration of the respective stakes in the
production license (PL) 036D.
This transfer has enabled Statoil to use a rig, which was
earlier intended to be used for the Vilje South development, for
other drilling operations.
Statoil remains focused on a string of activities in the
Norwegian Continental Shelf (NCS). Portfolio management forms a key
area in Statoil's strategy. The application of the company's
strategy in NCS is expected to enhance the area's worth.
Statoil's continuous effort to build an unconventional resource
portfolio is aimed at increasing production through increased
exposure to large energy resources with long reserve life. The deal
involving asset sales to Centrica, the purchase of
) holding in the Snohvit field, and the purchase and sales
) on the Valemon and Hild fields, which are under development - are
the company's efforts towards this end.
Located about 20 kilometers northeast of the Marathon-operated
Alvheim field, Vilje field commenced production on August 1, 2008.
The Vilje field has two subsea wells attached to the Alvheim
production vessel. The estimated daily output from the field is
21,000 barrels of oil in 2012, with first oil anticipated by the
end of 2013.
Marathon Oil Norge, Statoil and Total are the licensees in PL
036D with holdings of 46.9%, 28.85% and 24.24%, respectively.
The current Zacks Consensus Estimates for Statoil are $3.00 and
$3.02 per share for fiscal years 2012 and 2013, respectively. The
estimates symbolize year-over-year a decline of 69.5% for 2012 and
a growth of 0.9% for 2013.
Statoil holds a Zacks #3 Rank, which is equivalent to a Hold
rating for a period of one to three months. For the long term, we
maintain our Neutral recommendation.
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