Statoil Plans 30% Increase in Exploration Drilling This Year
January 04 2017 - 6:16AM
Dow Jones News
By Dominic Chopping
Norway's Statoil ASA (STO) plans a 30% increase in exploration
drilling activity this year, as efficiency gains and lower market
costs allow its investment budget to stretch further than previous
expected.
"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," said Tim
Dodson, executive vice president for exploration at Statoil.
Like many oil producers, state-controlled Statoil has gone
through a belt-tightening process, including cutting capital
expenditure, re-using infrastructure and increasing drilling
efficiency.
The energy group's drilling program for 2017 will include around
30 exploration wells, where it will be operator and partner,
compared with 23 in 2016, and the program will be balanced between
proven basins and new opportunities, it added.
Between 16 and 18 exploration wells will be completed this year
on the Norwegian Continental Shelf, while other sites will include
the U.K., U.S. Gulf of Mexico, Indonesia, Suriname, Russia and
Turkey, among others.
"The 2017 exploration plans demonstrate our long term commitment
to the Norwegian Continental Shelf, while we continue to position
the company for global opportunities," Mr. Dobson added. "If
everything goes to plan, we will this year have exploration
drilling activity in 11 countries on five continents."
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
January 04, 2017 06:01 ET (11:01 GMT)
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