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Statoil to take bigger risks in the hunt for new oil discoveries

Statoil is intensifying its search for new oil fields both on the Norwegian shelf and globally, reports Norwegian media Dagens Næringsliv. The company plans to take bigger risks and hopes to break from the trend of small discoveries.

Statoil intensiverer jagten på ny olie i Norge og nye kæmpefund som Johan Sverdrup (billedet). | Photo: PR-foto: Statoil

Norway's Statoil will increase its activity by hunting for new oil and taking bigger risks in its exploration, reports Norwegian media Dagens Næringsliv.

The company is planning to drill between 25 and 30 new wells this year on the Norwegian shelf alone,. This is at least six wells more than last year, when 19 wells were drilled. At the same time, the exploration budget has increased by around USD 500 million to USD 1.5 billion, which will be spent on about 40 exploration wells globally this year.

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