- Statoil (STO) says it will increase its exploration drilling by 30% in 2017, as efficiency gains and lower market costs allow its investment budget to stretch further than previously expected.
- STO plans to drill ~30 exploration wells as an operator or partner in 2017, up from 23 last year, with 16-18 to be drilled offshore Norway and including 5-7 in new blocks in the Arctic Barents Sea, where it has not explored since 2014.
- “Taking advantage of our own improvements and changed market conditions, we have been able to get more wells, more acreage and more seismic data for our exploration investments,” says STO executive VP for exploration Tim Dodson.