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Statoil weighs up withdrawal from US Gulf of Mexico exploration

Statoil weighs up withdrawal from US Gulf of Mexico exploration
Norwegian multinational Statoil is pondering pulling out of its oil and gas exploration operations in the US Gulf of Mexico, according to Reuters citing comments in a Norwegian business journal.

The company’s exploration chief told Dagens Naeringsliv that the consideration resulted from failures at wells operated by Statoil even though it has been part of some successful strikes at ones where it is a junior partner.

So far Statoil, which has a proven record of maximizing oilfield productivity, has invested billions of dollars in the fruitless search.

The firm has enjoyed more success with its joint ventures elsewhere in Latin America, notably in Brazilian waters with partners Petrobras and Repsol Sinopec.

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