Statoil fails to make commercial discoveries in Arctic drilling campaign

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

Statoil (STO -0.4%) says it failed to make a commercial discovery in the third and final well in its Arctic drilling campaign in the Barents Sea.

STO says it had ended its three-well drilling campaign in the Hoop area, and the Apollo, Atlantis and Mercury wells all contained non-commercial volumes of oil and gas.

The campaign in the Hoop area follows disappointing results from a five-well program seeking to boost oil volumes for the Johan Castberg project further south in the Barents Sea, which consists of the Skrugard and Havis deposits.