Statoil finds gas, not oil, at Barents Sea exploratory well

|By:, SA News Editor

Statoil (STO +0.1%) says it made a smaller than expected gas discovery at its Blamann exploration well between the Snohvit and Goliat fields in the Barents Sea.

STO says it disappointed not to find oil but recoverable gas volumes of 2B-3B cm has the potential to contribute additional resources to the Snohvit project.

Blamann is the second discovery in STO’s 2017 Barents Sea exploration campaign, following the Kayak oil discovery announced July 3.

Statoil has a 50% stake in the PL 849 license, with Eni (E -0.2%) holding 30% and Norway’s Petoro owning 20%.