Statoil Comes Up Dry in Arctic
Oil major Statoil (STO)'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 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 (CVX), Petoro, Lundin Petroleum and ConocoPhillips (COP). (Reporting by Terje Solsvik.
Reporting by Terje Solsvik
