Total makes North Sea oil find, but Statoil comes up dry

Total (TOT) reportedly has found oil with a wildcat well located a few miles east of the Heimdel field in the central North Sea; the preliminary estimate of the size of the discovery is 3.1M-6.3M barrels.

Statoil (STO), however, has come up dry in its latest North Sea well, drilled east of the Jotun field in the central North Sea.

TOT +2.3% premarket.

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Comments (3)
  • Michael Fitzsimmons
    , contributor
    Comments (11637) | Send Message
    Nice find for TOT. No problem for STO - even the best explorer can hit a dry hole occasionally.
    21 Feb 2014, 09:11 AM Reply Like
  • userwcSX
    , contributor
    Comments (67) | Send Message
    That's ridiculous. 3-6M barrels? For Total, that's like reporting that Barrick found a really big nugget.
    21 Feb 2014, 09:29 AM Reply Like
  • Maobama
    , contributor
    Comments (508) | Send Message
    Serious over-reaction on this news. It's a miniscule find and TOT only has a 40% interest! Not even worthy of a headline really.
    21 Feb 2014, 12:54 PM Reply Like
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