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Statoil failed to find oil at its northernmost Arctic well

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OSLO - 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.

“The main purpose of the well was to prove whether there was any oil in the large geological structure on Korpfjell. The drilling has only proven small gas volumes,” Statoil said.


The gas discovered was estimated at 40-75 million barrels of recoverable oil equivalents, and was not large enough for commercial development, the company added.

It said it would continue exploring the area as unfamiliar geological structures could hold more resources.

“We need further exploration to find out what this implies for the total resource potential of the Barents Sea southeast area,” Statoil said.

Lundin Petroleum, a partner in the license, said in a separate statement it would continue its exploration in the area.

Statoil is operator of Korpfjell with a 30 percent stake, while Chevron and Petoro each hold 20 percent and Lundin and ConocoPhillips each hold 15 percent.

Lundin shares were down 5.1 percent at 0709 GMT, while Statoil stock was 1.2 percent lower.

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Muslim Global: Statoil failed to find oil at its northernmost Arctic well
Statoil failed to find oil at its northernmost Arctic well
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