Statoil well could risk Arctic turf fight

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

A frontier wildcat well to be drilled by Statoil (STO) in the northernmost part of Norway’s Barents Sea could run the risk of a territorial dispute with other countries if a discovery is made.

While Norway claims applicable treaties only cover onshore areas, other signatories including the U.K. and Russia could argue they also have a claim to any hydrocarbon resources found off the Arctic archipelago.

The Hoop wildcats are part of a wider Barents drilling campaign being carried out by STO.

Separately, STO has hit dry wells when looking to determine the size of the Volve oilfield in the North Sea.