Optimism in Statoil at the beginning of a crucial exploration year

Statoil headquartersStatoil headquarters.Photo. Norway Today Media

Statoil plans to drill 30 wells this year. This is seven more than last year, and the company believes six of the wells could potentially be world class discoveries.

– It’s a very crucial year for The Barents Sea, says Executive Vice President for Exploration, Tim Dodson, to the newspaper Dagens Næringsliv.

Three of the six wells that are classified as high-impact wells with a potential of over 250 million barrels of oil, are located in the environmental politicly sensitive Barents Sea.

The other three high-impact wells are located in the United Kingdom, Indonesia and Surinam. Statoil has during the past years increased its portfolio of unexplored acreage by 50 percent internationally.

– The last few years have been the best years I can remember to acquire inexpensive acreage, and we have made a position in areas with large volume and value potential, says Dodson to the newspaper.

Statoil has budgeted to spend USD 1.5 billion, or approximately NOK 12.6 billion on exploration this year. It is the same amount as last year, but with more wells.

 

Source: NTB scanpix / Norway Today

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