Norwegian oil and gas company Statoil is searching for great finds in the Barents Sea, leading newspaper Aftenposten reported Friday.
Statoil, in which the government of Norway is the largest shareholder, has made seven findings from the nine exploration wells it has drilled in the first quarter of this year.
Six of these were on the Norwegian continental shelf. After two years of break, Statoil is also launching a test drilling in the Barents Sea, where the company will test five different prospects in three different areas throughout the summer.
"When we look at the prospects, we think we can make great finds here, if we make finds in the first place," Statoil president and CEO Eldar Saetre was quoted as saying.
He emphasized that uncertainty is great as these are all new, unexplored areas. The last time Statoil drilled in the Barents Sea, in 2014, the result was disappointing.
Now, however, there are other areas to be explored, Aftenposten wrote.
Saetre also said that the increase of oil prices, lower costs and bigger production as well as positive results abroad influenced the company's recent positive development.
Latest comments