Norway: Statoil will drill more wells in Arctic Barents Sea

29/11/2017 16:18 Oil Market


Norway’s company Statoil will continue to explore oil in the Arctic Barents Sea next year even if its 2017 campaign was expected to do better.

Statoil wants to drill between 25 and 30 wells in Norwegian reservoirs in 2018, of which five or six are predicted in the Barents Sea and the others will be divided between the North Sea and the Norwegian Sea, which are both situated further south.

Tim Dodson, exploration chief at Statoil, said on the side lines of a company conference: “We have tested a lot of potential there [in 2017] and that potential is gone but we still believe in the overall potential of the Barents Sea.” He added that even after failure of not finding anything in the Barents Sea from the five wells explored this year, a small oil reservoir was found called Kayak, and the exploration experience had an overall positive value for the firm.

In 2018, Statoil intends to drill at least three wells off Brazil, one off Tanzania, one or two onshore wells in Argentina and an onshore in Russia for 2018 year. 

Norwegian firm’s Chief Financial Officer declared that the enterprise would continue to reduce the operating expenses of its Norwegian offshore oil and gas activity. 

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