Statoil have announced plans to boost profits by selling off some of its assets in the coming years.
Statoil has no timeline or fixed goal for the sales and has focused its strategy on returns over growth, said Lars Christian Bacher, executive vice president of international development and production.
“We are a resource-rich company, we have more assets than we need,” Bacher told Bloomberg reporters at the IHS CERAWeek energy conference in Houston. “We are in no rush. We don’t have to sell this year.”
Oil companies from BP Plc to Royal Dutch Shell Plc have embraced asset sales to shore up finances as costs outpace oil and natural gas prices. International oil companies are seeing little to no output growth despite boosting spending 400 percent in the past decade, Bacher said.
“A lot of companies are spending more and more just to stand still,” he said.
Statoil remains open to buying U.S. assets if falling oil and gas prices put companies in financial distress, Bacher said.
“Our strategy doesn’t say that we will not buy,” he said. “It just says that we will high-grade our portfolio going forward.”
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.