Monday, April 11, 2011

World Watch [Statoil's Growth Strategy: North America]

by Tom Haywood, Houston, EI
Onshore and offshore North American plays are taking on a greater role in Statoil's plan to grow international assets from 25% of its portfolio. Statoil has stakes in some of the major fields in the deepwater Gulf of Mexico, including Shell's new Vito discovery, and offshore Eastern Canada. But its onshore presence is also burgeoning from the Western Canadian oil sands to the Marcellus and Eagle Ford shales in the US. Bill Maloney, Statoil's first executive vice president based in the US, told the Houston Chronicle that North America is becoming a "major growth engine" for the Norwegian major. "The nice thing about working in North America is that every day is an opportunity. You don't have that same commercial setup in other parts of the world." [Please see remarks below -- D.R.] But Statoil is finding more opportunity in Norway, as well. [Recently,] [...] the company announced it had made a major oil discovery in the Barents Sea off Norway's northern coast [please see remarks below -- D.R.].

(Please read an interview with Bill Maloney: The Houston Chronicle, Apr 2, 2011, here. Statoil, along with partners Eni Norway and Petoro, has made a significant oil and gas discovery on the Skrugard prospect in the Barents Sea. The breakthrough discovery is one of the most important finds on the Norwegian continental shelf in the last decade---please see Scandinavian Oil-Gas Magazine, Apr 1, 2011, here. For Statoil's ranking, please see my post, "Problems Slow Statoil's 2010-11 Production," > remarks, here. For exploration and drilling offshore Norway during the first quarter of 2011, please see my post here. -- D.R.)

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