Norway's Statoil says to increase oil drilling on continental shelf

Source: Xinhua| 2018-01-16 00:52:45|Editor: yan
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OSLO, Jan. 15 (Xinhua) -- Norway's oil and gas company Statoil has announced increased oil drilling activity on the Norwegian continental shelf after the government decided to forbid exploration in some Arctic areas, public broadcaster NRK reported Monday.

According to the report, the government's decision shall cover Lofoten, Vesteralen and Senja in northern Norway for the period between 2017 and 2021, which makes Statoil's production dependent on new findings elsewhere.

There will be 25-30 more exploration wells for Statoil in 2018, after the company drilled 19 exploration wells last year, NRK wrote.

Arne Sigve Nylund, Statoil's executive vice president for development and production in Norway, also mentioned continuous exploration at the existing fields.

"We have been clear about the need for new area. We respect the conclusions published at the government platform, so we will invest in exploration activities in other areas on the Norwegian continental shelf," he said.

According to report, there might be reduction in Statoil's production on the Norwegian shelf after 2025, if the company does not make new discoveries.

"That is a fact. We must target our business towards those areas that are open to exploration. That is why we work actively to take advantage of the opportunities we have in the Barents Sea and elsewhere on the Norwegian continental shelf," Nylund said.