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    Statoil likely to drill fewer wells in 2016

    News // November 27, 2015

    Statoil will probably drill fewer wells offshore Norway next year as exploration in the Barents Sea is put on hold for a second year after a plunge in oil prices. So said Bloomberg in an interview with Tim Dodson, Statoil's executive VP for exploration.

    “It’s likely to be smaller,” said Mr Dodson. “In the Barents Sea, we’ve more or less tested the opportunity set which we have.”

    Norway’s biggest oil explorer and producer is set to drill 16 wells in the country as an operator in 2015, down from 21 last year. It hasn’t drilled in the Barents Sea off Norway’s northern tip this year after a record campaign ended with disappointing results in 2014.

    Statoil will return in 2017 at the earliest once it’s received new acreage in upcoming licensing rounds, Dodson said.

    The full interview is at:

    http://www.bloomberg.com/news/articles/2015-11-23/statoil-sees-more-norway-oil-exploration-cuts-amid-arctic-halt

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