Norway's Statoil to increase exploration drilling

Norway's multinational oil and gas giant Statoil said Wednesday it plans to drill around 30 exploration wells in 2017, an increase of around 30 percent compared to last year.

More than half of the wells, about 16 to 18, will be drilled on the Norwegian Continental Shelf (NCS) in 2017, the company said in a statement.

"We have been able to get more wells, more acreage and more seismic data for our exploration investments in later years," said Tim Dodson, Executive Vice President for Exploration in Statoil.

In 2016, Statoil completed a total of 23 exploration wells as operator and partner, and 14 of them were on the Norwegian Continental Shelf, according to the company's statement.

The total exploration activity was completed well below the original forecast due to efficiency improvements and market effects, it said.

In Norway, the well exploration campaign in the Barents Sea is at the core of the activity plan. While in the Norwegian Sea and the North Sea, the company's ambition is to prove near field volumes to prolong the productive lifetime of existing infrastructure and determine the growth potential.

Internationally, Statoil's 2017 exploration drilling activity will comprise growth opportunities in basins where Statoil already is established with discoveries and producing fields, as well as new frontier opportunities.

"Following our take-over as operator for the Carcara discovery last summer, Brazil has become even more important in Statoil's portfolio, not least on the exploration front," Dodson said. Endit