Seeking Alpha

Statoil well could risk Arctic turf fight

  • 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.
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