A group of Norwegian operators led by Den norske stats oljeselskap AS has decided not to abandon hope of finding oil in the Barents Sea off northern Norway.
A Statoil official said the group will work with exploration results to date and perhaps conduct more seismic surveys to evaluate Barents Sea acreage offered in future licensing rounds.
Statoil and fellow Norwegian firms Norsk Hydro AS and Saga Petroleum AS decided last autumn to pool their experience in Barents Sea exploration, following meager returns from drilling efforts. Later last year, those companies were joined by Amoco Norway AS, Elf Petroleum Norge AS, and Mobil Development Norway AS in the Barents group.
Statoil said 53 exploration wells to date in the Barents Sea had cost more than 10 billion kroner ($1.5 billion). Last year's 7128/4-1 wildcat was the first producible oil strike in the area but yielded only 157 b/d on test (OGJ, Feb. 28, 1994, p. 30).
The Norwegian Petroleum Directorate said Norway's 16th offshore licensing round, expected to be announced next year, will focus on Barents Sea acreage (OGJ, Sept. 26, 1994, p. 31).
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