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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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