Statoil: Drill bits won’t be spinning in Barents Sea this year

After the news that Rosneft has pulled breaks on its Arctic drilling plans for 2015, another oil company has followed suit.

According to Bloomberg, Norway’s largest oil company Statoil has opted against drilling any new wells in the Barents Sea this year.

A Statoil spokesperson told the business news agency that the company would set its focus on Statoil data acquired during its previous drilling campaigns.
Statoil drilled 12 wells in the Barents Sea in 2013 and 2014, he said.

Back in November 2014, Statoil’s Irene Rummelhoff, senior vice president for exploration on the Norwegian continental shelf, acknowledged the company’ s Barents Sea campaign had had limited success with fewer discoveries that expected.

However, Rummelhoff then said exploring in the Barents Sea is not a sprint, but a marathon.

“It is about long-term thinking, stamina and systematic building of knowledge,” Rummelhoff said in November, announcing the end of the Barents Sea drilling campaign for 2014.

Unlike Statoil and Rosneft, Royal Dutch Shell has said that it plans to return to Arctic drilling. The company has revealed it expects to spend around $1 billion this year on drilling operation in Chukchi sea, offshore Alaska.

Offshore Energy Today Staff

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