Statoil Prepares Last Well of Disappointing 2014 Arctic Campaign
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Statoil ASA is preparing to drill a last exploration well in the Barents Sea this year after disappointing results for Norway’s largest energy company in its efforts to unlock Arctic resources since 2013.
The company will move the Transocean Spitsbergen rig to the Saturn prospect after its Isfjell well resulted in only a small gas discovery, spokesman Knut Rostad said by e-mail. Isfjell is estimated to hold 1 billion to 2 billion cubic meters of natural gas, the Norwegian Petroleum Directorate said earlier.