4 Energy Stock Stories Ready At The WSCS Pump

Statoil (NYSE:STO): Closing price $22.67

In 2013, Statoil will see its output cut because of a redetermination of licence interests for the Ormen Lange Unit off Norway, which will also boost earnings for its Danish partner Dong Energy. The situation follows a pre-agreed review through which to determine if partners’ respective ownership interests and shares of capital expenditure in the unitized gas field in the Norwegian S

ea, covering three licenses, should be modified and reallocated on the basis of reservoir performance and updates, since it came on stream in 2007. The review should be finished in June with a ruling by an independent expert, and will cause Statoil’s interest to be reduced from 28.92 to 25.35 percent beginning July 1st, which it said would lead to a reduction of roughly 40,000 barrels of oil equivalent per day in its second-half production.

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STO

Petrobras – Petroleo Brasileiro (NYSE:PBR): Closing price $17.22

The Congress of Brazil is looking at legislation that would lower the burden on the government-run energy major Petrobras to develop pre-salt oil fields, potentially unlocking the promising offshore region to larger private-sector investment, said a report. The proposal would overturn a controversial provision of the country’s 2010 overhaul of its oil laws, which forced Petrobras to operate and hold a 30-percent interest in pre-salt areas under a new production-sharing regime, according to Dow Jones. The regulatory structure was targeted towards giving the government a bigger stake in the pre-salt area, in which billions of barrels of crude oil were found under a thick layer of salt miles below the Atlantic Ocean.

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PBR

ConocoPhillips (NYSE:COP): Closing price $61.89

On Wednesday, a permit granted by the Army Corps of Engineers, which gave ConocoPhillips permission to construct a bridge across the Colville River in order to reach oil leases within the National Petroleum Reserve-Alaska, was challenged in federal court by an environmental group. The Center for Biological Diversity said that the Corps ran an inadequate environmental review and failed to consider the impacts upon endangered species prior to granting the permit in December 2011. Attorney Deirdre McDonnell commented, “We’re deeply concerned that this project could kick the door open for industrial development in the reserve’s priceless habitat for caribou, birds and other wildlife.”

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COP

Noble Energy (NYSE:NBL): Closing price $57.28

The American independent Noble Energy will spud a closely-observed appraisal well on its Aphrodite gas discovery off Cyprus on Friday. The explorer thinks that it might have found natural gas resources of between 5 trillion and 8 trillion cubic feet with a probe in December of 2011. Cash-desperate Cyprus is believed to be keen on seeing the discovery through to development as soon as possible, and officials there will be waiting for the results of the appraisal in three to four months.

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NBL

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