BP Starts Skarv Production

RELATED QUOTES

SymbolPriceChange
BP33.68-0.28
STO15.54-0.13

BP Plc (BP) has successfully commenced production from the Skarv field in the Norwegian Sea. The oil giant had a key operational objective of bringing the field — one of its core higher-margin areas –– into production by the end of 2012.

Located approximately 130 miles west of the Norwegian coast in water depths of up to 1,500 feet, the Skarv field is expected to reach a maximum daily production rate of 165,000 barrels of oil equivalent per day/BOE/d (40,000 BOE/d net BP) by 2013-end. During the first six months of production, BP expects the field to yield around 125,000 BOE/d before achieving the year-end target.

The Skarv field, which was discovered in 1998, is estimated to hold oil and condensate reserves of around 100 million barrels and gas reserves of about 1.5 trillion cubic feet. BP, the operator, has a working interest of 23.8%. Its partners, Statoil ASA (STO), E.ON Ruhrgas and PGNiG hold 36.2%, 28.1% and 11.9%, respectively.

Skarv − with an expected field life of around 25 years − is part of the British oil giant’s major upstream projects that it commenced last year.  The development of the field is an integral part of its plan that comprises a new highly advanced floating production, storage and offloading (:FPSO) vessel, mainly to withstand harsh waters.

The development plan also includes five subsea drilling templates and a 50-mile 26-inch gas export pipeline that is connected to the Gassled transportation system, enabling it to export to European markets.

With this start-up, BP has certainly started the year on a positive note. The company has moved a long way since the April 2010 oil spill in the Gulf of Mexico (GoM) that killed 11 workers and poured 4.9 million barrels of oil into the Gulf over 87 days, polluting shores from Texas to Florida.

Since then, BP remains busy in reshaping its portfolio through the divestment of smaller non-core properties to pay spill-related costs, while holding on to potential big resources, like Skarv. Hence, refocused upstream activities and a leading position in the Gulf region following the Macondo incident will definitely help BP in overcoming its near-term tribulations.

BP carries a Zacks #3 Rank, which is equivalent to a Hold rating for a period of one to three months. We also maintain our long-term Neutral recommendation on the company.

Read the Full Research Report on BP

Read the Full Research Report on STO

Zacks Investment Research



More From Zacks.com

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • BRIEF-United Malacca reports monthly production data Reuters - 5 minutes ago

    Sept 27 (Reuters) - United Malacca Bhd : * Aug fresh fruit bunches 29,036 tonnes; Aug crude palm oil 5,989 tonnes; Aug palm kernel 1,392 tonnes Source text : ( http://bit.ly/2dflunz ) Further company coverage:... … More »

  • China August industrial profits rise nearly 20 percent, fastest in three years
    China August industrial profits rise nearly 20 percent, fastest in three years Reuters - 14 minutes ago

    Profits earned by China's industrial firms in August grew at the fastest pace in three years helped by rising sales, higher prices and lower costs, pointing to strengthening economic activity. The world's second-largest economy has shown recent … More »

  • Asia stocks bounce, yen ebbs amid U.S. debate
    Asia stocks bounce, yen ebbs amid U.S. debate Reuters - 14 minutes ago

    Asian share markets recouped early losses on Tuesday and the dollar edged away from a one-month trough against the yen, suggesting investors judged Democrat Hillary Clinton was winning her debate against Republican Donald Trump. Markets have tended … More »

  • Gold slips as equities, dollar gain after US presidential debate
    Gold slips as equities, dollar gain after US presidential debate Reuters - 15 minutes ago

    Gold edged lower on Tuesday as equity markets bounced back and the U.S. dollar strengthened, hinting that investors viewed Democrat Hillary Clinton as the winner of her first U.S. presidential debate with Republican Donald Trump. Spot gold was … More »

  • Asia stocks bounce, yen ebbs amid U.S. presidential debate
    Asia stocks bounce, yen ebbs amid U.S. presidential debate Reuters - 33 minutes ago

    Asian shares recouped early losses on Tuesday and the dollar edged away from a one-month trough against the yen, suggesting investors judged Democrat Hillary Clinton was winning her debate against Republican Donald Trump. Markets have tended to see … More »

  • KWAP crosses out Airbnb potential Business Times - 34 minutes ago

    RETIREMENT Fund Inc (KWAP) has crossed off Airbnb, an online marketplace for property rental, as its second potential investment in a global digital company after pumping in US$30 million (RM123.8 million) in Uber Technologies Inc.  “We did look at … More »

  • UEM Edgenta to buy UEMS for RM563m Business Times - 35 minutes ago

    KUALA LUMPUR: UEM Edgenta Bhdis buying UEMS Pte Ltd for RM563 million to strengthen its healthcare services operations. UEMS is an established market leader, providing facilities management services to the healthcare sector. It serves more than 60 … More »

  • Good governance, leadership play key roles Business Times - 35 minutes ago

    MALAYSIA needs to keep its growth momentum going through good stewardship in terms of governance and leadership in order to further progress, said Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar. … More »

  • 'Khazanah firms to drive growth' Business Times - 35 minutes ago

    KUALA LUMPUR: Khazanah Nasional Bhd expects the continuation of a pro-growth and pro-society focus in the 2017 Budget, with its companies remaining the nation’s growth engines. Khazanah managing director Tan Sri Azman Mokhtar said at the same … More »

  • New concepts but Paris car show losing va-va-voom
    New concepts but Paris car show losing va-va-voom AFP News - 36 minutes ago

    The Paris Motor Show opens this week with promises of groundbreaking electric concept cars from Volkswagen and Opel, but the shine appears to be wearing off what was once a must event for the industry. Ford, Mazda, Volvo, Aston Martin, Bentley, … More »

  • China’s Long March to Rival Dollar Faces Obstacles After SDR (1) Bloomberg - 41 minutes ago

    The yuan will join the International Monetary Fund’s Special Drawing Rights this Saturday, marking a milestone in China’s efforts to build a currency that reflects the country’s economic and political sway. The SDR, created in 1969, gives IMF … More »

  • China Industrial Profits Jump Most in Three Years in August (1) Bloomberg - 46 minutes ago

    Industrial profits rose 19.5 percent in August from a year earlier to 534.8 billion yuan ($80.2 billion), the National Bureau of Statistics said Tuesday. "The pickup in industrial profit is driven by commodities prices and the property market boom, … More »

  • Tokyo stocks pare losses by break AFP - 51 minutes ago

    Tokyo shares pared their losses Tuesday morning as investors focus on the first US presidential candidates' debate. The benchmark Nikkei 225 index was down 0.33 percent, or 54.15 points, at 16,490.41 by ... … More »

  • Wall Street Shrinking in Asia Continues With Goldman, BofA Cuts Bloomberg - 53 minutes ago

    Bank of America plans to eliminate about a dozen senior positions at its corporate and investment-banking operations in Asia, the second time the U.S. firm is cutting jobs in the region this year, according to people with knowledge of the matter. … More »

  • China's Wanda in talks to buy Golden Globes producer
    China's Wanda in talks to buy Golden Globes producer AFP News - 1 hour 15 minutes ago

    Chinese conglomerate Wanda is considering ramping up its push into Hollywood with the acquisition of the production company behind the Golden Globes, the US firm said. Eldridge Industries, which controls Dick Clark Productions, said discussions to … More »

  • Asian Stocks Pare Losses as Clinton, Trump Spar in U.S. Debate Bloomberg - 1 hour 17 minutes ago

    The MSCI Asia Pacific Index fell 0.3 percent to 140.42 as of 10:51 a.m. in Tokyo after sliding as much as 0.9 percent earlier. While investors had became more risk-averse ahead of the U.S. debate, partly due to a rout in shares of Deutsche Bank AG, … More »

  • When deals go bad - China state firm managers spooked by new liability rules Reuters - 1 hour 31 minutes ago

    Business development managers at Chinese state-owned firms have been put on notice: mess up on M&A deals and you can be held personally liable - for life. Under new rules unveiled by China's State Council, or cabinet, last month, managers will be … More »

  • Asian Hunger for Yield Tested by Junk-Rated Casino Bond Plan (1) Bloomberg - 1 hour 33 minutes ago

    Imperial Pacific International Holdings Ltd. plans to sell dollar bonds for the first time to fund its casino resort in Saipan Island, a U.S. territory in the Pacific Ocean, according to a bond document. The bond is rated B1, four steps below … More »

  • U.S. Stock Futures Rise With Mexican Peso Amid Debate; Yen Falls Bloomberg - 1 hour 34 minutes ago

    With the first of three U.S. presidential debates taking place late Monday New York time, a Bloomberg poll showed Donald Trump and Hillary Clinton were tied in a head-to-head contest. “The peso started the debate near its weakest levels but at … More »

  • Clinton, Trump spar over plans for US economy AFP - 1 hour 34 minutes ago

    Hillary Clinton accused Donald Trump of peddling "trumped up trickle down" economics Monday on the presidential debate stage, as the candidates clashed in fiery exchanges over how to create American ... … More »

  • Nomura Sees More Europe Banks Boosting Defenses With Samurai (1) Bloomberg - 1 hour 39 minutes ago

    The London-based bank joined Standard Chartered Plc this month in selling yen bonds compliant with total loss-absorbing capacity, or TLAC rules, in a Samurai market where issuance is running at its lowest in four years. “Wherever you look, banks … More »

  • Ringgit opens lower against US Dollar Business Times - 1 hour 51 minutes ago

    KUALA LUMPUR: The ringgit closed lower against the US dollar today as investors remained cautious awaiting the outcome of the three-day Organisation of the Petroleum Exporting Countries (OPEC) meeting in Algiers that began on Monday.At 9.02 am, the … More »

  • Hong Kong’s Hated Market Tricksters Are a Hot Topic in China (1) Bloomberg - 1 hour 59 minutes ago

    Now, as China prepares to give its citizens greater access to smaller Hong Kong shares through a cross-border exchange link, the term is popping up in state-run media and Internet discussion groups across the mainland. The message for Chinese … More »

  • Netmarble Games to apply for IPO exchange approval on Friday
    Netmarble Games to apply for IPO exchange approval on Friday Reuters - 1 hour 59 minutes ago

    SEOUL (Reuters) - Netmarble Games Corp, South Korea's largest online games company, on Tuesday said it plans to apply for Seoul stock exchange approval for its planned initial public offering on September ... … More »

  • What are the Benefits of Carpooling?
    What are the Benefits of Carpooling? MoneyMax.ph - 2 hours 1 minute ago

      A statement that had a lot of commuters and drivers losing their cool a little involved the traffic in the metro being called a by-product of Filipinos’ ‘state of mind’ by Transportation Secretary Arthur Tugade. The fact is that the traffic in … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.140.00+1.45%
    N21.SI
    0.107+0.004+3.88%
    43E.SI
    0.740.000.00%
    BS6.SI
    3.97+0.01+0.25%
    Z74.SI
    0.155+0.003+1.97%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.48+0.16+12.12%
    S91.SI
    0.245+0.025+11.36%
    K14.SI
    1.365+0.085+6.64%
    BVP.SI
    0.53+0.03+6.00%
    BFK.SI
    0.30+0.02+5.26%
    S71.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.56-0.18-24.32%
    5VJ.SI
    0.151-0.039-20.53%
    BGO.SI
    0.405-0.060-12.90%
    K1Q.SI
    0.15-0.02-11.76%
    5PL.SI
    0.10-0.01-9.09%
    5DL.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3587-0.0015-0.11%
    USDSGD=X
    1.5281-0.0022-0.14%
    EURSGD=X
    1.7634+0.0006+0.03%
    GBPSGD=X
    74.1390+0.415+0.56%
    SGDJPY=X
    5.7061+0.0068+0.12%
    SGDHKD=X
    3.0282-0.006-0.20%
    SGDMYR=X
    9,589.5410+10.7188+0.11%
    SGDIDR=X
    4.9084+0.0066+0.13%
    SGDCNY=X
    1.0414+0.0028+0.27%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,339.00-5.10-0.38%
    GCZ16.CMX
    19.50-0.10-0.49%
    SIZ16.CMX
    94.45-1.31-1.37%
    ^XAU
    2.18-0.02-0.75%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.13-0.03
    ^FVX
    1.59-0.03
    ^TNX
    2.33-0.01
    ^TYX