Norwegian oil giant Statoil ASA STO has commenced production of the first elements on the Johan Sverdrup project.
The project came online when the machine meant for cutting steel for the riser platform jacket on the Johan Sverdrup field was started. The steel jacket will be one of the most complex structures to be built in the industry, ever. The jacket will be used to manage the subsea water injection and export the field’s oil and gas from it. The steel jacket will also be utilized for directing land-based power. Moreover, the company intends to associate all the future phases of the Johan Sverdrup field developments to the riser platform. The assembling of this jacket is expected to make use of about 56 channels.
The transportation of the steel jacket for installation on the riser platform of the Johan Sverdrup field is scheduled for 2017. The jacket’s massive size has necessitated the use of the largest barge in the world – Heeremas H-851 – to ship it to the field. The quay at Kværner Verdal is being upgraded to take the delivery of the 260 meter-long barge.
Currently, the steel jacket is not the only Johan Sverdrup element under construction. The manufacture of a 246-tonne template for the wells, to be pre-drilled on the field from Mar 2016, is also under way at Vlissingen in the Netherlands. The installation of the well template on the field is expected in the course of the summer/autumn 2015.
The Johan Sverdrup partnership comprises Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil. Statoil will be the operator of the field in all its phases.
Statoil currently carries a Zacks Rank #3 (Hold). Better-ranked players from the same space are Transmontaigne Partners L.P. TLP, EQT Midstream Partners L.P. EQM and LRR Energy, L.P. LRE. All these stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment