Statoil exits Alaska

Source: Statoil

Statoil is optimizing its exploration portfolio and has decided to exit Alaska following recent exploration results in neighboring leases.

Statoil is optimizing its exploration portfolio and has decided to exit Alaska following recent exploration results in neighboring leases.

Statoil is committed to optimising its portfolio, strengthening financial performance, and positioning for long-term value.

The leases in the Chukchi Sea are no longer considered competitive within Statoil’s global portfolio, so the decision has been made to exit the leases and close the office in Anchorage, Alaska.

Statoil is optimizing its exploration portfolio and has decided to exit Alaska following recent exploration results in neighboring leases.

“Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities,” says Tim Dodson, executive vice president for exploration in Statoil.

The decision means Statoil will exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips, all in the Chukchi Sea. The offshore oil and gas leases were awarded in the 2008 lease sale in Alaska and expire in 2020. 

Increased understanding 

The studies, research and activities which have taken place in Alaska, have given the company significant skills and expertise that can be leveraged in other opportunities in northern environments in the future.  

“Our understanding of the challenges and opportunities has increased considerably over the last years. This gives Statoil a unique position and experience which the company will continue to apply going forward,” says Dodson.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs