OSLO (Reuters) - Norway's Statoil <STL. OL> found only natural gas and no oil at the Ice Crystal prospect in the Arctic Barents Sea, the company and the Norwegian Petroleum Directorate said on Monday.

"Our main goal was to find oil ... but unfortunately it did not materialize. We still believe we can prove more oil resources in the Johan Castberg area and will continue our exploration effort with two more wells," said Gro Haatvedt, senior vice president for exploration in Norway.

The discovery probably contains gas equal to between 6 million and 25 million barrels of oil equivalent, Statoil added.

"The well encountered a gross gas column of about 200 metres in the Stoe and Nordmela formations, with poorer reservoir quality than expected in both formations at the well position," the Petroleum Directorate said in a separate statement.

Ice Crystal has been one of Statoil's most closely watched wells because of its close proximity to the Johan Castberg find.

Earlier this year Statoil suspended the development of Castberg, thought to contain up to 600 million barrels of oil, because of rising costs, and said it would study new development concepts.

Analysts said that a big find at Ice Crystal would improve the chances of Castberg going ahead, especially if there is a possibility to connect the two, while a failure could raise questions about Statoil's Castberg project.

Statoil is the operator and holds a 50 percent stake, while Italy's ENI <ENI. MI> holds 30 percent and Norwegian state firm Petoro has 20 percent.

(Reporting by Terje Solsvik; editing by Keiron Henderson)

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.




If you have any questions or concerns please email us on support@news.net


  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.