Norwegian Arctic Exploration Dream Fades Away

Statoil followed GDF Suez and Dong Energy, giving clear signs of a decreased interest for exploration in the Arctic. On Wednesday, the Norwegian company handed back the majority of its oil and gas exploration licenses.  

According to Reuters, Statoil will maintain just one license in Greenland. 

"We have now completed the working programme and have no further obligations, and we don't see any potential in taking on further obligations in these licenses," spokesman Knut Rostad told the news agency.

Meanwhile, Sweden-based Lundin terminated talks with Statoil for an oil terminal in Norway’s Arctic. The terminal would have created a hub, with hydrocarbons from Lundin’s Alta and Gohta discoveries and Statoil’s John Castberg deposits.