Castberg Arctic Drilling Disappoints Statoil

Posted by George Backwell
Friday, May 02, 2014
File photo

Statoil's exploration campaign around the suspended Johan Castberg project has failed to yield the resource the company had hoped, despite an oil find on the latest well, the company said on Friday.

Statoil suspended the $15.5 billion Castberg development last year because it grew too expensive after an oil tax hike and the company said it would look for new resources to make the project economically viable.

"We are certainly glad to have an oil discovery in Drivis. However, the exploration programme as a whole has not delivered on volume expectations. Out of the five wells drilled only two have resulted in oil discoveries," said Irene Rummelhoff, Statoil senior vice president for exploration on the Norwegian continental shelf.

Statoil is expected to decide later this year whether it would go ahead with the project.

(Byy Balazs Koranyi)

 

 

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

USN's Fourth MUOS Satellite Launched

After a two-day delay due to tropical storm conditions, the Navy's fourth Mobile User Objective System (MUOS) satellite launched at 6:18 a.m. EDT from Space Launch Complex 41.

Finance

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Taiwan Eyes Budget for New Submarines

Taiwan’s defense ministry seeks financing to expand the country’s submarine fleet, reports Reuters quoting local media reports.   The government has allocated $92.

Arctic Operations

Five Chinese Ships in Bering Sea as Obama Visits Alaska

Five Chinese Navy ships are sailing in international waters in the Bering Sea off Alaska, the Pentagon said on Wednesday, in an apparent first for China's military that came as U.

Irving Begins Building Canada's First Arctic Offshore Patrol Ship

Hundreds of employees gathered in Irving Shipbuilding’s new Assembly Hall at the Halifax Shipyard to celebrate the start of production of Canada’s first Arctic Offshore Patrol ship (AOPS).

Huntington Ingalls Cites Interest in Building US Icebreakers

Huntington Ingalls Industries Inc, which builds aircraft carriers and U.S. Navy warships, on Tuesday said it was keen to bid to build new icebreakers for the U.

Offshore Energy

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

Subsea 7 Bags $150 million Offshore UK Contract Maersk

Offshore contractor Subsea 7 has been awarded a $150 million subsea, umbilical, riser and flowline (SURF) contract by Maersk Oil for the development of the Culzean field in the UK North Sea.

SMOE Wins $1bln Multi-platform Culzean Contract

Singapore's offshore services provider Sembcorp Marine has won an engineering, procurement and construction (EPC) contract worth over USD1 billion for the Culzean

Underwater Engineering

SMOE Wins $1bln Multi-platform Culzean Contract

Singapore's offshore services provider Sembcorp Marine has won an engineering, procurement and construction (EPC) contract worth over USD1 billion for the Culzean

Historic WW I Shipwreck Survey Underway

Partnering U.S. agencies have commenced surveying the historic shipwreck of an American lightship shelled and sunk by a German U-boat during World War I nearly 100 years ago.

HMAS Canberra Initial Operational Capability

The Royal Australian Navy’s Amphibious Ship, HMAS Canberra, has completed a graduated operational test and trials program to achieve a key milestone towards Initial Operating Capability.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6481 sec (2 req/sec)