Statoil has made a smaller-than-expected gas find in the Barents Sea near its Snoehvit gas field, the company said July 17.
The find at the Blaamann well is estimated to hold up to 3 billion standard cubic meters 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’s head for exploration in Norway and Britain, said in the statement.
Statoil has a 50% stake in the license, called PL 849. Its partners are Italy’s Eni with 30% and Norway’s Petoro with 20%.
Statoil will exploit the gas via existing infrastructure for the Snoehvit Field.
Recommended Reading
Trump Nominates E&P Advocate Sgamma to Head Bureau of Land Management
2025-02-12 - If confirmed by the Senate, Kathleen Sgamma, president of the Western Energy Alliance, would oversee management of approximately 245 million acres of surface lands.
Chevron to Lay Off 15% to 20% of Global Workforce
2025-02-12 - At the end of 2023, Chevron employed 40,212 people across its operations. A layoff of 20% of total employees would be about 8,000 people.
EON Deal Adds Permian Interests, Restructures Balance Sheet
2025-02-11 - EON Resources Inc. will acquire Permian overriding royalty interests in a cash-and-equity deal with Pogo Royalty LLC, which has agreed to reduce certain liabilities and obligations owed to it by EON.
EOG’s Donald F. Textor to Retire from Board
2025-02-11 - Textor was first elected a director of EOG Resources in 2001, where his counsel played a key role in EOG’s growth, Chairman and CEO Ezra Y. Yacob said in a press release.
BP Pledges Strategy Reset as Annual Profit Falls by a Third
2025-02-11 - BP CEO Murray Auchincloss pledged on Feb. 11 to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations.