In the first auction for offshore drilling rights in the Gulf of
Mexico's prolific central region following the
BP plc
(
BP
) oil spill in 2010, Norwegian energy giant
Statoil ASA
(
STO
) has emerged as the highest bidder on 26 leases.
Through the auction, the first one since March 2010, Statoil
retains its leadership leaseholder position in the region with
control over 350 leases. The lease sale was carried out by the
Bureau of Ocean Energy Management (BOEM). Statoil's winning bids
are subject to appraisal and the final consent of the BOEM that may
require up to 90 days.
Currently, Statoil has six fields under production while
development work is in progress on eight fields. The company is
spudding the Bioko prospect in the central Gulf of Mexico region,
at present. It intends to drill two to three additional wells
offshore Gulf of Mexico within the next 12 months, while also take
part in two to three wells drilled by its partners.
Statoil has a brilliant record with respect to environment and
security and has retained the operatorship of 3 of 2011's 10
leading oil and gas findings worldwide. With 25 years of presence
in North America and over 6 years of operations, Statoil has built
a vast portfolio of offshore and onshore assets in Canada and the
U.S.
The company's continuous efforts to build a strong resource
portfolio are aimed at increasing production through increased
exposure to large energy resources with a long reserve life.
Statoil's portfolio is further boosted by the addition of theses
leases, which allows it to follow its strategy of extending its
exploration operations in the Gulf of Mexico, considered to be the
most coveted basin.
Statoil has vast experience in developing new discoveries in the
region such as, Jack, St. Malo, Julia, Vito and Logan and it holds
a key position among the world's largest offshore operators and in
subsea technology.
Statoil holds a Zacks #3 Rank, which is equivalent to a Hold
rating for a period of one to three months. Longer term, we
maintain our Neutral recommendation on the stock.
BP PLC (BP): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis
Report
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