Integrated oil and gas major StatoilHydro ASA (STO) recently discovered a new oil and gas location in the Nona prospect, 10 kilometers south east of the Asgard field in the Norwegian Sea.

The well 6407/2-5S was drilled to a depth of 3,289 meters below sea level. Based on preliminary calculations, the size of the find is between 13 and 31 million barrels of oil and 1–2 billion standard cubic meters of gas. Management is optimistic about the discovery and affirms the possibility of other new finds in this area.

Despite maturity of the Norwegian Continental Shelf region, the Norway-based company is well positioned to sustain its production from this area at current levels for the next few years. Internationally, Statoil plans to continue a high level of exploration activity to develop the company’s resource base.

Our Outperform rating on StatoilHydro reflects its growing upstream presence in the emerging basins of the Caspian Sea, West Africa and the deepwaters of the US Gulf of Mexico. Production growth from international operations is a key component of the company’s overall annual upstream growth plan over the next few years.

Zacks Investment Research
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