Statoil Drops Barents Sea Plans, Sells 6% in Marcellus

Statoil continues its rationalisation efforts, mothballing its plans in the Arctic Barents Sea and proceeding with divestments in North America.

On Monday, the Norwegian company announced it completed the previously announced transaction with Southwestern Energy Company to reduce its stake in southern Marcellus from 29% to 23%.

‘The transaction covers 515,000 acres in the southern part of the Marcellus. The divested share represents approximately 30,000 acres’ reads a press release.

On Friday, exploration chief Tim Dodson said that Statoil will focus on the North Sea and the Norwegian Sea.

“We have no plans, after the big exploration campaign, to drill in the Barents Sea” he said to offshore.no. 

The company will unveil its revised strategy on Friday. 

Last month, the Ministry of Petroleum and Energy announced the 23rd licensing round, offering 57 blocks and opening the south-eastern Barents Sea to explorations.