- Statoil (OL:STL) (STO +2.1%) CEO Eldar Saetre says the company will not give up on oil exploration in Norway's Barents Sea despite another disappointing drilling campaign this year.
- STO found no oil at its Korpsfjell exploration project since returning to the area this year after a three-year hiatus following a previous disappointing campaign, but Saetre tells Financial Times that the company is “very patient” in exploring new areas and that it will return to the Barents Sea in the Arctic Ocean next year with “optimism but realism.”
- Arctic exploration is facing a growing challenge from environmentalists, but oil companies say conditions in the area just north of Norway are the most benign of anywhere in the Arctic region, with no sea ice and relatively shallow and calm waters.
- Now read: Statoil: Q3 2017 Results Much Better Than Headline Numbers Show
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FT: Statoil says it will not give up on Arctic exploration
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