Big disappointment for Statoil in the Barents Sea

It has been named one of the potentially most interesting areas for oil exploration in northernmost Norway. But the first exploratory results have proved a huge disappointment.

Photo: Ole Jørgen Bratland - Statoil

The disappointment can be read between the lines in the stock exchange press release which Norwegian company Statoil issued regarding the results of this year's critical oil explorations.

The result of the costly exploratory drillings is as close to zero as you can get. Only small gas discoveries could be reported in the giant field Korpfjell in the northern part of the Barents Sea. Thus, the extraction of oil and gas in the Barents Sea by Statoil and its partners Lundin, Chevron, Petoro, and ConocoPhillips seems far off.

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