Statoil announcement says exploration in the United States has failed, big time

Statoil logoStatoil logo.Photo: Norway today Media

Oil exploration in the U.S.A.’s Gulf of Mexico has been unsuccessful, and the whole initiative is being reconsidered, according to exploration manager, Tim Dodson, of Statoil.
‘Although we have the fields, the business, I would almost go so far as to say the Statoil-operated exploration campaign can be characterised as unsuccessful
so far’ said Dodson to Dagens Næringsliv newspaper.

Statoil and Hydro’s former oil division have been hoping for a big discovery in the U.S. Gulf of Mexico since the early 2000s.

During the past eighteen months, the company have reduced exploration activity and haven’t drilled their own wells. Next week, Dodson will travel
to Houston to take stock and look ahead to the future.
‘We will be learning. We will consider whether, and if so, how to proceed’, he said, adding that the company still hopes for
potential in the area.


Source: NTB scanpix / Norway Today