Norwegian oil and gas major
) awarded South Korea's Hyundai Heavy Industries (HHI) a $1.1
billion contract to set up a topside facility on the Aasta
Hansteen spar hull that is being built by the South Korean
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Per the order from Statoil, the world's top shipbuilder - Hyundai
Heavy - is entitled to build the 21,000-ton topside facility that
is capable of generating 23 million cubic meters of oil and gas a
day by March 2016. It will be installed in the Aasta Hansteen
field, 300 kilometers (186 miles) off the northwest coast of
Upon completion, which is expected in the second half of 2015,
this partly submerged cylindrical offshore facility will be able
to pile up 160,000 barrels of gas condensate. Earlier, Hyundai
also secured an $800 million order from Statoil for building the
spar hull some 300 kilometers (186 miles) off the northwest coast
Formerly known as Luva, the Aasta Hansteen gas field is situated
on 6706/12 and 6707/10 blocks in the Norwegian zone of the North
Sea. Statoil holds a 75% interest in the field and acts as the
operator. However, OMV owns 15% and the U.S. energy company
) holds the remaining 10% stake.
Statoil has operations in all major hydrocarbon-producing regions
of the world, with an emphasis on the Norwegian Continental Shelf
(NCS). We believe the company's growing upstream presence in the
emerging basins of the Caspian Sea, West Africa and the deepwater
U.S. Gulf of Mexico will enable Statoil to sustain its production
growth for the next few years.
Last month, Statoil purchased a 25% participating interest from
Brazilian metals and mining firm
) in BM-ES-22A in the Espirito Santo Basin, offshore Brazil.
Block BM-ES-22A is operated by
Petróleo Brasileiro S.A.
) with equity of 75%, while Vale holds the remaining 25% stake.
Statoil holds a Zacks Rank #3, which is equivalent to a Hold
rating for a period of one to three months.