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4-Traders Homepage  >  Equities  >  Oslo Bors  >  Statoil ASA    STL   NO0010096985

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133.9 NOK   -0.07%
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Statoil ASA : Limited production start-up at In Aménas

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02/23/2013 | 04:27pm CEST

The In Aménas gas facilities in Algeria operated by the Joint Venture partners Sonatrach, BP and Statoil, initiated a limited production start-up yesterday, Friday 22 February.

Production from the plant's train 1 was started-up following a detailed review of technical integrity, security, and other conditions, and after the partners had concluded that the criteria required to ensure a safe restart of train 1 had been met. The remaining two production trains were damaged during the terror attack, and will not be put on stream until it is safe to do so.

The physical inspection of train 1 was conducted by Sonatrach on behalf of the Joint Venture, and the documentation has been fully reviewed by both Statoil and BP.

Lars Christian Bacher, executive vice president for Development and Production International in Statoil.

(Photo: Helge Hansen, Statoil)

"The Joint Venture has initiated a limited production start-up at In Amenas. We thank Sonatrach for the work they have done and continue to do on behalf of the Joint Venture, during this difficult time for everyone involved", says Lars Christian Bacher, executive vice president for Development and Production International in Statoil.

During the production start-up phase, the facilities will be operated by Sonatrach on behalf of the Joint Venture. Statoil and BP staff will not yet be redeployed but technical specialists will provide support when needed, in line with strict security procedures established for short-term visits.

Statoil is currently in a close dialogue with Algerian authorities, Sonatrach and BP about the necessary conditions for full production and a redeployment of staff.

"The safety and security of our people is our utmost priority. We will take whatever time needed to conduct all required assessments and reviews and take all necessary precautions before we consider a re-entry of Statoil personnel," says Bacher.

Coinciding with production start-up, Sonatrach will hold a commemoration ceremony at the In Amenas facilities Sunday 24 February in connection with the Algerian Day of Nationalisation of Hydrocarbons. A memorial monument with the names of the victims of the terror attack will also be unveiled.

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Financials ( NOK)
Sales 2016 406 952 M
EBIT 2016 42 419 M
Net income 2016 11 818 M
Debt 2016 161 438 M
Yield 2016 5,31%
P/E ratio 2016 39,95
P/E ratio 2017 14,85
EV / Sales 2016 1,46x
EV / Sales 2017 1,20x
Capitalization 432 886 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 142  NOK
Spread / Average Target 5,7%
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NameTitle
Eldar Sætre President & Chief Executive Officer
Øystein Løseth Chairman
Anders Opedal Chief Operating Officer
Hans Jacob Hegge Chief Financial Officer & Executive Vice President
Margareth Øvrum Executive VP-Technology, Projects & Drilling
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