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    EQNR   NO0010096985

EQUINOR ASA

(EQNR)
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Statoil says found no oil in Arctic Ice Crystal well

09/23/2013 | 03:33am EDT
A general view of Statoil's office is seen in Stavanger

OSLO (Reuters) - Norway's Statoil (>> Statoil ASA) found only natural gas and no oil at the Ice Crystal prospect in the Arctic Barents Sea, the company and the Norwegian Petroleum Directorate said on Monday.

OSLO (Reuters) - Norway's Statoil (>> Statoil ASA) found only natural gas and no oil at the Ice Crystal prospect in the Arctic Barents Sea, the company and the Norwegian Petroleum Directorate said on Monday.

"Our main goal was to find oil ... but unfortunately it did not materialize. We still believe we can prove more oil resources in the Johan Castberg area and will continue our exploration effort with two more wells," said Gro Haatvedt, senior vice president for exploration in Norway.

The discovery probably contains gas equal to between 6 million and 25 million barrels of oil equivalent, Statoil added.

"The well encountered a gross gas column of about 200 metres in the Stoe and Nordmela formations, with poorer reservoir quality than expected in both formations at the well position," the Petroleum Directorate said in a separate statement.

Ice Crystal has been one of Statoil's most closely watched wells because of its close proximity to the Johan Castberg find.

Earlier this year Statoil suspended the development of Castberg, thought to contain up to 600 million barrels of oil, because of rising costs, and said it would study new development concepts.

Analysts said that a big find at Ice Crystal would improve the chances of Castberg going ahead, especially if there is a possibility to connect the two, while a failure could raise questions about Statoil's Castberg project.

Statoil is the operator and holds a 50 percent stake, while Italy's ENI (>> Eni SpA) holds 30 percent and Norwegian state firm Petoro has 20 percent.

(Reporting by Terje Solsvik; editing by Keiron Henderson)

Stocks treated in this article : Eni SpA, Statoil ASA

© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
DISCOVERY, INC. 0.40% 25.1 Delayed Quote.-16.58%
ENI S.P.A. -0.46% 12.078 Delayed Quote.41.30%
EQUINOR ASA -1.28% 230.7 Real-time Quote.59.16%
MIRAINOVATE CO., LTD. -2.51% 233 End-of-day quote.-22.33%
NORWAY OSLO BORS BENCHMARK(TRG) 0.31% 1217.71 Real-time Quote.25.50%
SEA LIMITED -2.20% 355.3 Delayed Quote.78.50%
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Financials (USD)
Sales 2021 77 101 M - -
Net income 2021 8 038 M - -
Net Debt 2021 6 081 M - -
P/E ratio 2021 10,9x
Yield 2021 2,44%
Capitalization 89 778 M 89 632 M -
EV / Sales 2021 1,24x
EV / Sales 2022 1,21x
Nbr of Employees 21 245
Free-Float 32,6%
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Mean consensus HOLD
Number of Analysts 27
Last Close Price 27,61 $
Average target price 25,42 $
Spread / Average Target -7,93%
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Managers and Directors
Anders Opedal President & Chief Executive Officer
Ulrica Fearn Chief Financial Officer & Executive Vice President
Jon Erik Reinhardsen Chairman
Carri Ann Lockhart Executive VP-Technology, Digital & Innovation
Jannicke Nilsson Chief Operating Officer
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