This oil stock has been doing some major work and making some major strides in the past few weeks. They have been doing so well, are there really any negatives with this stock? Sure doesn’t seem like it. However, here are some details from Aimee Duffy so you can get a better feel for this company.
It’s been a big week for Statoil‘s (NYSE: STO ) offshore exploration and production business. The company announced a new discovery in the Barents Sea and settled with U.S. officials to keep its leases in the Gulf of Mexico’s Julia field.
Statoil announced a discovery off the northern tip of Norway in the frigid waters of the Barents Sea on Monday. The Havis field prospect is close to Statoil’s prized Skrugard field, discovered in April of last year. Havis may hold 200 million to 300 million barrels of oil equivalent, bringing the collective estimated reserves of the two fields to about 600 million boe. Italy’s Eni (NYSE: E ) has a 30% stake in the field as well.
The news is great for Norway’s oil business, which has suffered a slump in the last 10 years. The country estimates oil and gas companies will invest $31 billion in developing energy there this year.
Based on the work that these two companies are doing, including the locations in which they are working. They could be great buys for 2012. Some additional project research should help you decide when to buy in.
Quotes taken from report by Aimee Duffy, Read the entire article here.
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