Petoro disappointed with new oil discoveries in Norway

Most of the exploration wells where Norway's Petoro has participated this year have shown no traces of oil and gas, writes Sysla. Discoveries have been "disappointing", says CEO.

Photo: Statoil/AP/Ritzau Scanpix

So far this year, Norwegian oil company Petoro has not had much success with new oil and gas discoveries.

Of the 17 exploration wells at which the company has been partner this year, 11 have proven to hold traces of neither oil nor gas, writes Norwegian media Sysla. At the same time, none of the discoveries made have been "particularly big", according to the company's Chief Executive Grethe Moen, who deems the results "disappointing" to the outlet.

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