Statoil: Norwegian Arctic Gas Find Disappoints
Statoil has made a smaller-than-expected gas find in the Barents Sea near its Snoehvit gas field, the company said on Monday.
The find at the Blaamann well is estimated to hold up to 3 billion standard cubic metres of recoverable gas. No oil was found.
"We were exploring for oil and this is not the result we were hoping for," Jez Averty, Statoil (STO)'s head for exploration in Norway and Britain, said in the statement.
Statoil has a 50-percent stake in the licence, called PL 849.
Its partners are Italy's Eni with 30 percent and Norway's Petoro with 20 percent.
Statoil will exploit the gas via existing infrastructure for the Snoehvit field.
Reporting by Gwladys Fouche
