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Rating: STO

Statoil Asa (NYSE: STO) rated to Hold by Nordea

Monday,  Feb 10, 2014  9:25 AM ET by Kristen Bailey

Nordea rated
Statoil Asa (NYSE: STO) to Hold.

Statoil ASA (Statoil), formerly StatoilHydro ASA (StatoilHydro), is an integrated oil and gas company based in Norway with locations in approximately 40 other countries worldwide. As of December 31, 2008, the Company had proved reserves (including its share of reserves in affiliated companies of 127 million barrels (mmbbl) of oil) of 2201 mmbbl of oil and 537.8 billion cubic meters (bcm) (equivalent to 19 trillion cubic feet (tcf)) of natural gas, corresponding to aggregate proved reserves of 5584 million barrels of oil equivalent (mmboe). The Company operates in four business segments: Exploration and Production Norway (EPN), International Exploration and Production (INT), Natural Gas (NG) and Manufacturing and Marketing (M&M). In June 2008, Dala Kraft AB announced that it has acquired Statoil ASA?s subsidiary Hydro Energi AB. In December 2008, Anadarko Petroleum Corporation completed the sale of its 50% interest in the Peregrino heavy-oil field offshore Brazil to Statoil.


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