Statoil failed to find oil at Korpfjell prospect in the Arctic Barents Sea
Petroleumworld 08 30 2017
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.
Participants in the license are Statoil, Chevron, Petoro, Lundin Petroleum and ConocoPhillips.
Reporting by Terje Solsvik, editing by Louise Heavens from Reuters.
08 29 2017
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