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Statoil failed to find oil at its northernmost Arctic well
August 29, 2017 / 7:03 AM / 3 months ago

Statoil failed to find oil at its northernmost Arctic well

OSLO, Aug 29 (Reuters) - Oil major Statoil’s highly anticipated Korpfjell prospect in the Arctic Barents Sea contained only non-commercial quantities of natural gas, and no oil, the company announced on Tuesday.

Korpfjell was the first exploration well drilled in the Norwegian section of a formerly disputed area between Norway and Russia, where Statoil and its partners had hoped to make a major discovery.

Participants in the license are Statoil, Chevron, Petoro, Lundin Petroleum and ConocoPhillips. (Reporting by Terje Solsvik, editing by Louise Heavens)

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