Like several other oil companies on the Norwegian Shelf, Statoil is now also preparing to increase its allocations to exploration for new oil fields, reports E24, citing plans that Statoil presented at its Capital Markets Day in February, according to the Norwegian media.

E24 writes that Statoil will this year increase its exploration budget to USD 1.5 billion in 2018, and Statoil will use these funds to drill around 40 wells.