StatoilHydro Starts Test Drilling in Arctic Oil Prospect

StatoilHydro has begun a two-year drilling program in Arctic waters to determine the potential of Norway's share of one of the world's few remaining unexplored oil prospects, the Financial Times reported.It also hopes to cooperate with Russian companies such to find oil and gas further into the Arctic. StatoilHydro last month started deliveries of liquefied natural gas from an offshore field inside the Arctic circle with its Snohvit project. Over the next 18 months or so, StatoilHydro test the area around the development to see if it can find enough to justify building a second LNG line. Lund suggested in an interview with the newspaper that he wants Norway to work with Russia on future development of Arctic resources. StatoilHydro was chosen by Gazprom as one of the foreign partners in developing the massive Shtokman gas field off Russias north coast. Source: Forbes