Sterling Bancorp (NYSE:STL) Prepares To Drill The Last Well in Barents Sea

Boston, MA 10/10/2014 (wallstreetpr) – According to reports, Sterling Bancorp (NYSE:STL) is looking forward to finishing the drilling process of its last well in Barents Sea. With the last well, here comes the disappointing year to an end. ST is the largest energy company of Norway, but year 2013-14 has not been up to the mark for it. ST tried to unlock various Arctic resources during the year, but without any success.

Road ahead:

It is planning to move its discovery base to Saturn prospect in Transocean Spitsbergen rig as it has not gotten the results that it was expecting to receive in the Isfjell wells. Recently Knut Rostad, one of the spokesmen of the company stated through a mail that ST couldn’t repeat its past performance in Barents Sea area and ended-up doing just two very small gas discoveries. Even though, Isfjell is supposed to have at least 1 billion to 2 billion cubic meters of natural gas, but Sterling Bancorp (NYSE:STL) couldn’t explore the seamless opportunities that were available there. The information was revealed by Norwegian Petroleum Directorate.

As per the report, Sterling Bancorp (NYSE:STL) tried to explore Arctic Barents Sea for more than ten times, but it couldn’t repeat the historical performance that it did last year. It was the top ranked driller in the previous year and did way better than any of its rivals, but this year has been one of those years, which it would want to forget as soon as possible. Norway is the largest crude producer of Europe and is looking forward to unlocking a few new oil resources off its Arctic coast. The main reason behind it can be depleting of North Sea fields, which have resulted in a reduction in production to as low as 50% over the last fourteen years. Management of Sterling Bancorp (NYSE:STL) expects that the company would manage to overcome from recent failures very soon.

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Published by Duncan Oleinic

Duncan Oleinic is from New Yourk. After graduating with a degree in physics, he began his career as an analyst in a broking firm. Through this experience he was able to advance to the role of correspondent for a U.S based financial news provider, where he worked from 2001 to 2007. He subsequently joined a merchant banking firm as a financial analyst focused on valuing unlisted companies in the sub-continent. Over the course of his two years here, he performed valuations of several media companies which were later acquired by peers.

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