Greenpeace filed a complaint that the company's well is too close to the Bear Island nature reserve and the polar ice cap, according to Bloomberg. In its complaint the activist group said the well is an oil-spill hazard.
Drilling on the Pingvin prospect in the Barents Sea cannot start until the Norwegian Environment Agency makes a ruling on the new complaint. The complaint is the fifth that Greenpeace filed against Statoil's Barents Sea drilling this year.
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TheStreet Ratings team rates STATOIL ASA as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate STATOIL ASA (STO) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."