Statoil sees Angola, Russia as best bets; U.S. shale overhyped

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil's (STO +2.1%) head of exploration sees offshore Angola and Russian shale as the industry's next big plays and considers U.S. shale oil overhyped.

"There is a huge, huge upside if it works," Tim Dodson says, referring to STO's preliminary deal with Rosneft in June to explore for shale in western Siberia; "the geology is absolutely fantastic and the scale of it is just enormous... the Bakken [in the U.S.] looks minute compared to it."

On the U.S., "we question a little bit all the hype... Of course, it is significant, but it is really only the Bakken," where STO holds ~330K acres.