There will be no exploration for new oil discoveries in the Barents Sea from Norwegian oil giant Statoil this year. In 2013 and 2014 the company performed a comprehensive exploration program in the Arctic region, but these efforts were far from worth the trouble. Of 12 wells only one produced somewhat reasonable results, according to Norwegian newspaper Aftenbladet.no.

Meanwhile the uncertain market conditions and the rock-bottom oil price also play a part in the decision, Tim Dodson, Executive Vice President and Head of Global Exploration at Statoil, tells Offshore.no.