Statoil makes gas find but oil hopes fade at Johan Castberg field

Statoil (STO) says it made a gas discovery in the Kramsno prospect in the Barents Sea, but the exploration program around the Johan Castberg field has yet to deliver the expected oil volumes.

STO's fourth well at the field found 2B-4B cubic meters of gas but of the wells drilled so far in its Castberg exploration campaign, oil has been found at just one; in December, STO found 20M-50M barrels of oil at Skavl, the third well in the campaign.

STO -0.8% premarket.

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