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On November 17, Statoil announced that it had decided to give up its oil exploration rights
in Alaska due to the continued low oil prices this year and the low efficiency caused by the uneven distribution of oil and gas in Alaska.
Statoil spokesman Knut said: "We terminated our exploration rights in Alaska mainly because of a report by Royal Dutch Shell in September on the prospects for oil exploration in the region
.
In September, Royal Dutch Shell predicted that the future earnings of its fields in the Chukchi Sea region of northwest Alaska were not optimistic, and the future regulations in the region were not clear
.
As a result, Royal Dutch Shell decided to terminate the project
despite spending nine years on oil exploration in Alaska totaling $7 billion.
Statoil was expected to share infrastructure in the region with Royal Shell, but Shell's withdrawal made it impossible for Statoil to bear these expenses
alone.
Statoil has rights to 16 wells in the Chukotka Sea region, as well as stakes
in another 50 wells from ConocoPhillips.
The shares were purchased primarily in 2008 for $75 million
.
On November 17, Statoil announced that it had decided to give up its oil exploration rights
in Alaska due to the continued low oil prices this year and the low efficiency caused by the uneven distribution of oil and gas in Alaska.
Statoil spokesman Knut said: "We terminated our exploration rights in Alaska mainly because of a report by Royal Dutch Shell in September on the prospects for oil exploration in the region
.
In September, Royal Dutch Shell predicted that the future earnings of its fields in the Chukchi Sea region of northwest Alaska were not optimistic, and the future regulations in the region were not clear
.
As a result, Royal Dutch Shell decided to terminate the project
despite spending nine years on oil exploration in Alaska totaling $7 billion.
Statoil was expected to share infrastructure in the region with Royal Shell, but Shell's withdrawal made it impossible for Statoil to bear these expenses
alone.
Statoil has rights to 16 wells in the Chukotka Sea region, as well as stakes
in another 50 wells from ConocoPhillips.
The shares were purchased primarily in 2008 for $75 million
.
