Norwegian oil major
) gas field development is progressing as per schedule, with
drilling expected to begin in the first half of 2016.
The development of Aasta Hansteen and its Polarled pipeline is
considered by Statoil as a major and most complex industrial
project in Europe. For the first time, the company is taking
Norwegian gas infrastructure northward into the Arctic Circle
through this project.
Located 183 miles off the coast of Norway, the Aasta Hansteen
discovery is estimated to hold an estimated 1.66 trillion cubic
feet of natural gas and some condensate.
Statoil is building the largest SPAR platform in the world and is
setting a new depth record of 1,300 meters for a field development
and pipeline on the Norwegian continental shelf (NCS). There is a
total investment of NOK 57 billion in Aasta Hansteen and the
With the plan for development and operation having received
approval in 2013, the project is currently under development in
several parts of the world.
The hull and the topside are being constructed in South Korea,
while the equipment packages and subsea facility as well as
pipeline equipment are delivered globally.
Offshore work began in the summer of 2014 and comprised the laying
of a fiber-optic cable on the seabed and installation of rocks on
the seabed for the pipeline.The project is scheduled to commence
production in the third quarter of 2017.
Currently, Statoil carries a Zacks Rank #3 (Hold). Better-ranked
stocks in the same industry include Weatherford International plc (
), Sunoco Logistics Partners L.P (
) and Sanchez Energy Corp (
). All of these stocks sport a Zacks Rank #1 (Strong Buy).
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