CTV News reported that Statoil Canada Exploration has made a new major oil discovery off the coast of Newfoundland. Though production is no expected until after 2020, Statoil and Calgary-based Husky Energy have identified a reservoire of light crude that could hold between 300 million and 600 million barrels of recoverable oil.
Articles Tagged "statoil"
Looking for profits in the oil and natural gas space? Look no further than shale plays, energy service companies and offshore oil drilling opportunities in the U.S., says Byron King of Agora Financial LLC. In this interview with The Energy Report, King discusses how dwindling exports to the U.S. from Latin America, Africa and the Middle East are shifting the supply and demand equation across the world. King also names companies in the service space with solid prospects for investors.
Bloomberg reported that the oilfield of the future could be found 2 miles underwater as major oil companies are now investing more and more money to operate undersea. Spending on valves, cables, and pipelines for subsea use could reach up to $13.9B and equipment makers are positioned to gain from it.
Reuters reported that Arctic oil production pioneer, Statoil, will spend as much as $16.3 billion for the construction of a new oil hub in the northern tip of Europe.
Reuters reported that in 2013 Norway's Statoil plans to drill nine exploration wells in the Barents Sea in an attempt to discover more finds like the Skrugard and Havis oilfields.
Statoil (NYSE:STO) announced its results for the first quarter of 2012.
International Energy Agency last week indicated that “three digit oil prices risk damaging” the economic recovery, offering a message that OPEC should raise output; however, OPEC responded the same day by saying that global supplies are sufficient to meet demand.
Exxon Mobil and StatoilHydro of Norway are stepping up exloration efforts in Ireland as it gets harder to access new fields elsewhere. Andrew Harwood, an energy analyst at Wood Mackenzie, said: The majors are looking for new places to explore and the favorable tax rate in Ireland. For full news, click here