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Norway Oil Drillers Hit Record Dry Spell as Reserves Wane

Statoil ASA and Eni SpA are among companies with plans to drill a record number of wells in Norway’s far north this year to help the world’s second-largest gas exporter to sustain output. So far, they’ve struck out.

All four wells drilled in the Barents and Norwegian seas this year have failed to find oil or gas, adding to two dry wells in the North Sea, the biggest number of failures to start the year since the country’s oil era began in 1966, according to government data. Oil companies plan as many as 22 wells in Norway’s Arctic this year, up from 12 last year.