Statoil Puts Arctic Exploration on Hold After Oil-Price Plunge
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Statoil ASA, Norway’s biggest oil company, isn’t planning any wells in the Barents Sea this year, another sign explorers are turning away from the Arctic region after a plunge in crude prices.
“No exploration drilling is planned so far in the Barents Sea in 2015 from our side,” Morten Eek, a spokesman for the Stavanger-based company, said in an e-mail. Statoil will spend this year looking at data assembled during a record 12-well campaign in the Barents Sea in 2013 and 2014, he said.