Monday, May 20, 2019

Statoil Comes Up Dry in Arctic

Posted by August 29, 2017

File Image (CREDIT: AdobeStock / (c) ggw)

Oil major Statoil (STO)'s highly anticipated Korpfjell prospect in the Arctic Barents Sea contained only non-commercial quantities of natural gas, and no oil, the company announced on Tuesday.
 
Korpfjell was the first exploration well drilled in the Norwegian section of a formerly disputed area between Norway and Russia, where Statoil and its partners had hoped to make a major discovery.
 

Participants in the license are OSLO, Aug 29 (Reuters) - Oil major Statoil's highly anticipated Korpfjell prospect in the Arctic Barents Sea contained only non-commercial quantities of natural gas, and no oil, the company announced on Tuesday.

 

Korpfjell was the first exploration well drilled in the Norwegian section of a formerly disputed area between Norway and Russia, where Statoil and its partners had hoped to make a major discovery.

 

Participants in the license are Statoil, Chevron (CVX), Petoro, Lundin Petroleum and ConocoPhillips (COP). (Reporting by Terje Solsvik.

 

Reporting by Terje Solsvik 

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