GALWAY, IRELAND--November 16, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--The Crown Estate (London, England), an independent body that owns the seabed within 12 nautical miles of the United Kingdom's coastline, is expected to announce the award of contracts under Round 3 of the Offshore Wind Development Program at the end of December. The projects under Round 3 include a 5,000-megawatt (MW) windfarm off the coast of Norfolk and an even larger 10,000-MW project in the North Sea. The contract to build and operate the larger windfarm is expected to go to a consortium known as Forewind, consisting of Scottish and Southern Energy plc (OTC:SSEZY) (Perth, Scotland); RWE npower Renewables (Swindon, England), a subsidiary of RWE AG (OTC:RWEOY) (Essen, Germany); and Norwegian companies StatoilHydro ASA (NYSE:STO) (Stavanger) and state-owned Statkraft (Oslo).
Statoil ASA (STO) reported its third quarter results of 38 cents per share, compared to the Zacks Consensus Estimate of 40 cents and in line with the year-earlier quarter earnings. Revenue for the quarter was NOK 123.1 billion ($20.1 billion), down 29% year over year.
Though the company’s results were hurt by lower commodity prices, Statoil [...]
Statoil ASA (STO) reported its third quarter results of 38 cents per share, compared to the Zacks Consensus Estimate of 40 cents and in line with the year-earlier quarter earnings. Revenue for the quarter was NOK 123.1 billion ($20.1 billion), down 29% year over year.
Though the company’s results were hurt by lower commodity prices, Statoil continues to maintain a high activity level both in Norway and internationally. Equity and entitlement productions were up 8% and 10% year over year, respectively, with the start-up of operations on several new oil and gas fields such as Tyrihans in the Norwegian Sea, Tune Sor in the North Sea and Thunder Hawk in the Gulf of Mexico.
Total oil and gas entitlement production during the quarter averaged 1.71 million barrels of oil equivalent per day (MMBOE/d), 62% of which was oil and 38% natural gas, compared to 1.55 MMBOE/d in the year-earlier period. Total oil and gas liftings in the quarter were 1.66 MMBOE/d, compared to 1.50 MMBOE/d in the year-earlier period. During the quarter, the company’s realized oil prices averaged NOK 400 ($65.5) per barrel, down approximately 39% year over year, while realized natural gas prices averaged NOK 1.61 (26 cents) per standard cubic meter, down approximately 32% from the year-ago level.
Net adjusted operating income during the quarter was NOK 31.2 billion ($5.1 billion), down by 41% from the year-earlier quarter. The decrease was primarily caused by the reduction in prices for both liquids and gas, partly compensated by increased sales volumes of liquids and gas.
During the quarter, total capital investment was NOK 25 billion ($4.1 billion) and operating cash flows were NOK 22.5 billion ($3.7 billion). Net debt-to-capitalization ratio stood at 27.1%.
Statoil expects its 2009 equity production to be 1.95 MMBOE/d. Capital expenditures for 2009 are expected to be around US$13.5 billion. Excluding purchases of fuel and gas for injection, unit production cost for equity volumes in 2009 to 2012 is expected to be in the range of NOK 33 to 36 per barrel. The company expects to complete around 70 exploration and appraisal wells in 2009.
With natural gas hovering at about the breakeven point for new field development - and with a glut continuing to weigh down prices in the U.S. market - this would hardly seem to be the place to look for investment opportunities.
During the next six months, however, these circumstances will begin to change. ...
With natural gas hovering at about the breakeven point for new field development – and with a glut continuing to weigh down prices in the U.S. market – this would hardly seem to be the place to look for investment opportunities.[More...]
We should expect a global oil shock by 2012…at the latest. But an oil shock doesn’t have to be completely shocking. Why not beat the rush and get ready for the shock now. You might even make a few dollars in the process.
Our story begins with “Peak Oil” - the belief that conventional ...
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Companies featured in this segment: Pfizer Incorporated (NYSE:PFE), Monsanto Company (NYSE:MON), Alstom SA (EPA:ALO), Schlumberger Limited (NYSE:SLB), American Electric Power Company Incorporated (NYSE:AEP), The Dow Chemical Company (NYSE:DOW), StatoilHydro ASA (NYSE:STO), E.ON AG (OTC:EONGY), Total SA (NYSE:TOT), Royal Dutch Shell plc (NYSE:RDS.A), National Grid plc (NYSE:NGG), ArcelorMittal (NYSE:MT), RWE AG (OTC:RWEOY), E.ON AG (OTC:EONGY), Nestle S.A. (OTC:NSRGY)
Companies featured in this segment: Siemens AG (NYSE:SI), PG&E Corporation (NYSE:PCG), StatoilHydro ASA (NYSE:STO), Technip SA (OTC:TKPPY), Eurasian Natural Resources Corporation plc (LSE:ENRC)
Companies featured in this segment: Siemens AG (NYSE:SI), MarkWest Energy Partners L.P. (NYSE:MWE), Air Products and Chemicals Incorporated (NYSE:APD), POSCO (NYSE:PKX), Deutsche Bank AG (NYSE:DB), Royal Dutch Shell plc (NYSE:RDS.A), AES Corporation (NYSE:AES), StatoilHydro ASA (NYSE:STO), E.ON AG (OTC:EONGY), International Power plc (OTC:IPRPY), Abengoa SA (MCE:ABG), Tata Steel Limited (BSE:500470), Steel Authority of India Limited (BSE:500113), JSW Steel Limited (BSE:500228)
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