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Statoil frustrated with first effort in frontier part of Barents Sea

Staff Writer | August 29, 2017
Norwegian energy company Statoil said it was frustrated, but unfazed, by the results from its first effort in waters formerly a subject of dispute with Russia.
Statoil Barents Sea
Oil exploration   The North Sea is one of the more productive areas
Norwegian energy company Statoil and its partners working at the Korpfjell well in the Barents Sea announced a gas discovery that did not prove enough volume to be considered a commercial project.

It was the fourth well in Statoil's campaign in the Barents Sea and the objective of the well was to determine if there was any oil there.

Jez Averty, Statoil's head of exploration in Norway, said the results were disappointing, but it was too early in the effort to consider it a derailment.

"It is important to remember that you rarely succeed on the first try in a frontier area," he said in a statement.

"Thirty-three wells were drilled before the first commercial discovery was made in the Norwegian section of the North Sea."

The North Sea is one of the more productive areas in the region.