76986
Statoil’s plans for 2018 include at least three wells off Brazil.
Statoil’s plans for 2018 include at least three wells off Brazil.

Statoil Plans New Arctic Drilling After Dismal 2017

Statoil Plans New Arctic Drilling After Dismal 2017

Norway’s Statoil will continue to drill for oil in the Arctic Barents Sea next year even though its 2017 campaign was mostly disappointing, the company’s head of exploration told Reuters on Tuesday.
Statoil plans to drill between 25 and 30 wells in Norwegian waters in 2018, of which five or six are expected in the Barents and the rest will be split between the North Sea and the Norwegian Sea, which are both located further south.
“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,” exploration chief Tim Dodson told Reuters on the sidelines of a Statoil conference.
Even though the company failed to make any large Barents Sea discoveries from the five wells drilled in the current year, it did make a small oil find, known as Kayak, and the exploration campaign had a positive overall value for the company, he added.
Statoil’s plans for 2018 also include at least three wells off Brazil, one off Tanzania, one or two onshore wells in Argentina and one onshore in Russia, Dodson said.
He declined to give a number for the overall number of wells to be drilled globally by Statoil next year, but said the company’s exploration budget would not change much from 2017.
Separately, Statoil’s chief financial officer said the company would continue to cut the operating costs of its Norwegian offshore oil and gas business.
“We see potential for more efficiency gains next year,” CFO Hans Jakob Hegge also told Reuters.

 

Short URL : https://goo.gl/rMxqrf
  1. https://goo.gl/YCX5dH
  • https://goo.gl/WYzP3E
  • https://goo.gl/KrexdX
  • https://goo.gl/5XLv9f
  • https://goo.gl/Gg8uQh

You can also read ...

Philippines Struggles to Embrace Renewable Energy
Renewable energy costs are falling across the world, but the...
OPEC Not Rushing to Boost Production
OPEC is not in a rush to start winding down the production...
India to Keep Fuel Prices in Check
India is looking at ways to keep rising fuel prices in check,...
Iran's electricity industry ranks 14th in the world in terms of output.
Driven by its vast potential in the electricity industry, Iran...
Oil Prices Rise as China, US Put Trade War on Hold
Oil prices rose on Monday as markets reacted to news that...
Shourijeh Gas Storage Capacity to Reach 4.5 bcm
Shourijeh natural gas storage facility in the northeastern...
Changing Working Hours  Could Help Save Electricity
Changing working hours in state organizations during peak...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus